There was probably a dividend capture right in front of the hearing date that supported the price. At the hearing, there was no clear winner, but it became evident that there is unlikely to be a quick decision. If the Commission decides in favor of the buyout, one group said it would go to court and appeal. So the buyout date is now stretched out unless everything is "just right". So balancing the time value of money against the dividend captured, institutions may now be going back to cash, and maybe even short-selling to get a little extra for their trouble. It shows what the CEO said...that NWEC does NOT have a stable shareholder base, and it needs it so management can concentrate on running a utility business.