I can't make up my mind whether Raf's take-over offer is an...

I can't make up my mind whether Raf's take-over offer is an opportunistic play, a devious Machiavellian plot or simply 'it seemed like a good idea at the time'. In any event, having hung onto my shares and suffered a whacking great loss in the process, I feel a mite miffed that I'm now seen as nothing more than dead weight, not to mention the whole business of those pesky AGMs and tiresome ASX requirements. The shares having finally bounced off rock-bottom, the unfortunate inference is that it's O.K. for shareholders to share in the losses but not in the gains.
Some comments about the share price as I see it. After the Crate Manufacturing failed sale fiasco (is that too harsh), the shares took a nose dive, but typical of the market, I think a bit of an over reaction. By my reckoning, since mid 2019 Raf has purchased over 30 million shares, mostly in the $2.20 range with a tops at $3.00. What this means to me is that irrespective what anyone else thinks, the bloke who's running the show thinks that $2.20 is a good entry point, in other words in the long term they will be worth a lot more. I think, and hope, he might be right.
In December 2019, about the time of the crate sale announcement, board members were buying shares at $2.70. I bet they weren't too thrilled to be offered just under 70 cents for them now. As for the Independent Group assessment, they could hardly do anything else to retain some level of credibility.
Do any of you remember the discovery of a biodegradable plastic. It turns out that it was certainly breaking up into small bits, but it was still plastic which I'm sure you are aware is now floating around in your blood stream. The reason I invested in PACT in the first place was because it appeared they were trying to do something positive about the plastic problem. Also, irrespective of the cost, and reluctantly, Federal, State and Local Governments, through public pressure, are having to think about throwing some serious amounts of money at the problem. If anyone is in a position to benefit from this it would be this company. They are certainly making the right investments now.
So finally, I'm not buying Raf's Armageddon pitch. The long list of problems:- supply chain disruptions, labour shortages, covid, fires, floods, drought, war, competition, inflation, Aust $, (have I missed anything out?) are wearing a bit thin. And anyway, I think the financial results actually paint a much more promising picture. So, having lost so much already I'm going to hang in there; I don't like the idea of selling at the bottom.