Pretty much what's happened isThe board spend a load of money on...

Pretty much what's happened is

The board spend a load of money on the ANZ max platform.

Which plundered the cash position of CRW

Then ANZ would come in and declare that they would 'rescue' CRW because they are running out of cash.
But all the time the board played favourites with ANZ at the expense of shareholders.
The cash was depleted to help ANZ, and ANZ would then come in with low offer price to use low cash reserves as justification.

How all this could be allowed is beyond me.

But just as bad is the 40% retail shareholders who accepted the offer.