What is the approach companies normally take when it's a likely...

What is the approach companies normally take when it's a likely case they'll get taken over? Do they go about business as if they're still expecting to go it alone and not let the possibility of a TO distract them in any way? Or do they strategically hold off on certain things figuring they won't need to do it as there's no point given they won't be running the show in the future? It seems like they're progressing as per normal with accommodation and drilling for bore water etc in preparation for the construction phase. Do games get played? Bluffing? Dragging out proceedings to see if multiple interested parties engage in a bidding war? Or would a potential TO company want Galena to keep developing things closer to production stage so that they don't have to do it? Does any of that make sense??