Breaking 12 cents, page-81

Takeovers are not structured around the share price, they are based on the value of the asset. Having said that, it is a likely strategy that any seriously interested party will be accumulating as many as they can now. If they decide not to buy, they still own the shares and can profit on a different commercialisation path. If they do decide to buy, then they can offer "more" because they recoup the extra through their own holding. It's always in the best interests of big players to keep the price as low as possible when serious prospects of commercial success are on the horizon.
Ironically, a poor company is also a reason to have a poor share price. Fortunately, everything so far is on target for commercial success. There is no smoke anywhere. Some will be quick to point out that there have been no off takes yet. But that is a patience issue, not a company issue. A lack of a commercial announcement is not an indication of company failure.