Whatever they want is the simple answer. They have no need to...

Whatever they want is the simple answer. They have no need to tell existing holders anything apart from suggesting the offer is a good one and to accept it. So you can keep shares and be a even smaller minority holder or accept offer. Either way if they don't get to compulsory acquisition level directly they will still be able to slowly creep on register of do a issue and dilute others out to get to level IMO of course at a timing that suits them.

Reality - business may be seeing a upturn so they want all the good upside to themselves . They may have a buyer in mind or management buy out for example after they are in control 100% ?
Business may be a struggle and they realise it better to give it up and not expend energy?
Listed structure is worth something but not what it used to be but it is a burden for a small company. - they can keep losses and back in a profitable one?

Couple of other options . None are IMO advantageous to small holders as IMO there will be no competitive bid to increase bid price and no dividend and as everyone will be a minority holder and no interest from market regardless of cash backing there will be no interest as no ability to realise the value
Very sly timing at this time of year IMO as so many investors don't look etc. and media is also asleep.

Exactly as described years ago when all this started IMO. The playbook rarely changes