I would even go so far as to say that if Evercore and Barclay wanted to provide a little cover in a conservative way, they could have planted this latest update pointing to a longer term bidding schedule, when in fact bidding is at a fever pitch behind the scenes.
I'm not putting any likelihood on that, but at the same time, it would be kinda like spraying the horses down with fly repellent while they are in the stalls.
I tend to think for the sake of Evercore and Barclays reputation that they would like to see orderly sideways trading until the time the deal is announced.
Yes, there can be leaks (such as the strange action at end of day on Eastman Kodak, will something happen tomorrow?), but preemptive trading ahead of a deal announcement does not look good for Evercore and Barclay, and if we had any real market oversight there would an insider trading investigation if volume and price jumped prior to the announcement of a deal.
At the point they announce the deal, trading will be halted ahead of time, and Romuluss missing 6-7 dollars by staying on the sidelines will be the real fairy tale ;-)
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