Since the maximum price Brascan will pay is limited to $8.22, Brascan has no incentive to keep the price down. In fact if the price is above $8.22 it would look good for Brascan and Bear Stearns.
Also the closing has to take place before Jan 15 but can take place any day now between Dec 12 and Jan 15. The interesting thing is that the closing date will not be announced until it has occurred, thus the average closing price for the prior 10 days can not be manipulated. Therefore if the closing takes place in the next few days, the lower closing prices of the past 9 days would benefit Brascan. Now that the deal is confirmed the expected closing prices will be higher than the closing prices over the past week.