There are many reasons to do it. One reason is to make a few billion dollars with no more headaches. And think about how many PRs could have been released to the stockholders already.
If there is any truth to this hypothesis about M&A, then it makes sense to keep stock price at these levels until they can acquire as many shares as possible and then Baltia & Partner release a PR and release any price per share. It can be a stock for stock transaction, and it could be for a certain amount of shares of Baltia you get a certain amount of stock of the acquiring company. (my guess is that it would be a good price, the owners and management of Baltia wouldn't accept anything less than a decent stock price for what they have.)
The idea is to buy Baltia's stock under the table without running it up. This way, the true longs and investors will get the big benefits.
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