People should notice Independent Financial Adviser suggests that the take over price is too low. As it will remain listed after take-over, I would say there are some potentials for price to go higher than 3.3.

Not agree with Syndicates at all. Since many investors are holding for long-term, their cost are definitely lower than 3.90. The easiest way is comparing annual report of previous two year to see the change of shareholdings. BTW for mkmike, it's not possible to buy from open market. First, the volume is very huge and will boost the price to even higher than 3.3. Besides, it will take a very long time to gather enough shares.