Everton is a club who needs to sell in order to survive. If we have paid his release clause, they wouldn't need to sell anymore, so we wouldn't get Baines. Now after we know what happened looks very stupid, but at the time wasn't (I mean the strategy, going for those 2 players obviously was stupid). So Moyes and Ed decided to make all offers combined in order to force Everton to sell both of them. On the other side, they worked to get another midfielder. This is the reason why all the time the offer was for both of them, and Moyes confirmed that.
Only when it became clear (at around 11pm) that Everton won't sell both of them, the club divided the offer and went only for Fellaini. Then Kenwright gave them a lesson how this business works, making us overpay and send Powell in loan to Wigan in order for them to leave McCarthy go to Everton.
Fellaini was anything but a panic buy. Yes he was signed on the last hour, but so was Berbatov and Tevez and I don't remember anyone calling it a panic buy. If you chase a player all the summer and make multiple offers, it isn't a panic buy.