I think lawyers cxome out of the woodwork when takeovers are announced looking for class action clients to sign up (see SNR, MPS, TRMS currently)

they get their fees in litigation

I've seen the clients win (laugh) extra disclosures

I believe there is nothing more in it for stockholders

if you tender you get paid quick, if you don't you'll eventually get paid but no more if the deal goes through

I was in SEPR and numerous other deals this year, all went through

stock is trading like the deal is done