ADR Selling @ 5.7 T/over @ 6.7 WHY!!

  1. 593 Posts.
    ADR has a takeover bid from Equity 1 for a min 0f 51% of the shares in an off market cash offer of 6.7c with the offer closing on 28/6 yet sales went thru today @ 5.7. Can anyone explain why you would sell today when next week you can sell for 6.7
    Equity 1 already hold approx 18% of ADR
    ADR have officially changed their name to Equity 1 but have reqested the ADR name stay until results of the t/ver are known
    An independant valuation obtained by ADR values the shares between 11 & 18c with a likely value of 14c
    The top 20 shareholders excluding Equity1 account for approx 21% of shares on offer.
    I fully understand the the bid may fail but surely the shares should have a base at the 6.7c level
    Any comments would be welcome
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