Is this a potential sign for an acquisition?

So basically I am expecting an investor acquiring another company. He has been increasing his shares up to 20% over the last 2 years. Is the biggest shareholder and recently people from his company joined the supervisory board. He made a public offer last year but it wasn't accepted due to it being too low. This year he acquired more in Q1 and is coming close to the limit where he needs to do another public offer before adding more shares/acquiring whole company. In Q2 the discloser said he didn't acquire any new shares. Would this be a potential sign there are preprations of making another public offer to acquire and therefore hasn't bought any new shares? Is this the standard process