It could also be a tactic to increase a shareholder % to vote something through.
I used to be an investor in Suncom Telecom. I bought them knowing that DT T-Mobile USA would have to purchase them. DT eventually did buy them out, but after the Bond holders of Suncom did a number on Suncom common share holders. But there was a big stock offering right before DT came swooping in. The dynamics were much different, but DT waited until the right moment to move.