Because unlike you bubsmark, they know $1 is ridiculous, a total...

Because unlike you bubsmark, they know $1 is ridiculous, a total waste of time and would get rejected immediately.

They wont have announced it on the market today if they want to bid lower than $1.70.
They can just keep quitely for 2 months wait for the share to erode further and bid lower than $1.70 later on.
Why didnt they do that but instead announce it today knowing the fact that according to the law the new bid must be higher than $1.70 and suggesting a due diligence period of no more than 10 days plus a binding cash offer.