From what I can see on buy outs it works like this. First you drive the longs away to push the stock down and pick up cheap shares. Second, you buy up enough to make a play.
Then you low ball the offer, say $30.00 a share then walk away. Oh, yes you have to take care of the board, by seats on the new board, jobs for the kids, stuff like that.
Never the less we get to have a few crumbs before the big guys get the new airplane, house and high end cars.