Given that a takeover seems highly likely before the end of...

Given that a takeover seems highly likely before the end of year, why does the price continue to drop?

Are people skeptical about AVX's ability to arrange some sort of deal in the next 6 months, or is this the result of the market-wide crashed combined with irrational selling? Or something else?

Bought in at 16, thinking of going harder at 13.5.