Very strange decision by a corner stone investor to sell out so...

Very strange decision by a corner stone investor to sell out so cheaply, especially if they thought a takeover was possible. I see two possibilities:
a). they think a takeover will happen, but at a lower price or through administration process.
b). they think they company will survive as a stand-alone entity but be worth less than $40 million.

No other option makes sense, unless M&G have been forced to sell for some other external reason. We have to assume that M&G are much more informed about the company's prospects that us plebs.