and the shenanigans start, page-13

Nightstalker: If they would sell off some mines because tehy are "not as good as claimed by the previous directors" for a cheap price to some distant relative then they would not want more shares than absolutely necessary for taking over control.
Also if they merge the company at a later time - when IDG is low enough because everybody has sold out frustrated - "to streamline their positions and improve structure" they do not need more % of the company now.

Note: I am not saying, that this is what they are going to do, but it would explain most of waht is going on:
- no clear statement from the new management
- strange, very stringent 10% bid
- and earlier the urge to takeover a company very fast although its management "had done everything wrong".

I must assume you did the right thing in getting out early!