When you look at the gentry chart there was no hint of news in the volumes until the announcement on june 23 where volume jumped to over 7 million shares.  the chart was a complete mess after that.  Cash would be the best deal for all of course.  the merger deal would be up and down as the price of the other company adjusts to the deal.  The value was 4.20 on the anouncement but dropped to $3 shortly after. Crew was at about $19 on the deal but was closer to $10 at the end of August.

 

http://www.findata.co.nz/Markets/StockQuote/TSE/GNY.htm