Yes, sorry I was wrong …
… may be even a double fault there … very sorry for that.
I read the take-over rules briefly a few weeks ago and made some misinterpretations.
Only tendered shares are “protected” and the bidder actually can buy below the bid price – any purchase above would force the bid to be increased.
Anyway, I think it’s obvious that GE did not buy any Arcam shares before Sept 6. It’s also obvious that GE could not have bought any shares over the stock market until possibly last Friday when SP went down to 285 and below. The 1,7% increase must have come from “private deals” – most probably the “R” marked posts on Avanza one week ago.
I asked Avanza if the historical data for those deals would be retrievable, but unfortunately they are not. I know that the last one was exactly 50,000 shares, the others slightly higher – totally 3 or 4 of them and probably adding up to 3-400,000 – at least close to 1,7%.
Friday October 21 the total number of traded shares, in Stockholm, were 377,269 (~1,8 %), of which 288,943 (~1.4 %) were traded at SEK 285 or below. These shares were distributed between 16 different named buying brokers and at least one anonymous buyer (12,830 shares). Largest buyer was Morgan Stanley with 119,433 (~0.6 %) shares for 285 or less, and 25,801 shares above SEK 285.
I still doubt that GE is buying over the stock market – if they would, they would probably have constant buying orders at 285 in order to maximize the purchase.