[LongXia]

The absorption of MNACT by MCT to form a larger reit was approved recently. 
The agreed price will be 1.1949.

It is strange that investors are now chasing the counter at  1.20, with thousands of lots done at 1.21.

Anyone can explain the logic?

Since you sound so agitated at people buying at above offer price....let me try to use the coffee shops explanation to appease you abit...

I actually posted at length in some other forums some time ago, but some points already not relevant since now is over the last quarterly dpu payout...so I m left with 2 simpal explanation...

1. You must remember, once upon a time, this stock was the darling of the market, with prices traded constantly between $1.30 to 1.40. So for those who got in at this high price or even at $1.20 plus, and been holding until now: you have two choices, cut loss or average down.
So now, as one of the offers is a cash offer priced as $1.1949, it cannot go lower than this price. So if you want to average down, you can only get in the market at between $1.20 and 1.21. Any price below $1,195 will be makaned by MI, so it’s impossible to get the offer price of $1.195 or below. Those who average down and keep the shares until merger in August, are also those who also hope that by the time, the merger is effected, MCT prices would rise above merger valuation of $2.00, which is not impossible because this is one of the best REIT commercial,stock. If that happens they would gain from having average down 

2. Second, after the merger, those owning MNACT units which be entitled to a cleanup distribution estimated to be between 2.5 to 3 cents. So if you, say, buy at $1.20, and the clean up distribution is 2.5 cents that’s the difference of a gain of 2 cents. Now if you are small timer, than no point going in. But if you a BB, and buy in lots of 200 lots or 300 lots or 500 lots, then that’s a lot of money to make from now to August which is only 3 months. Where to earn $4000 for a capital layout for 200 lots? Also this form of trading activity is usually done by the brokers, financial houses, because not only they gain this for their clients ( or themselves) it adds to their brokerage fees and trading activity which they pocket.