something are not good in the whole situation and ultimately the...

something are not good in the whole situation and ultimately the offer. it looks to me it is engineered:
1- resignation of under secretary.
2- leaving the cash flow to deteriorate without any action by the directors!
3- price falling down rapidly in one month with no comments or action- although it was low in volume
4- then recommending offer if it is been offered before the resignation and what happened in Feb definitely it would be crazy

the offer was there, the price is been driven down by negative announcement and surprisingly with no actions to secure finance at least to make the company float.

the company is with great asset, the cash flow problem was solvable but for a reason no action taken to facilitate the take over offer. they are buying the company very cheap - this is a red flag to investigate the director interests in what is going on.

I do recommend no one would accept the offer - they will not dare make the company sink- a magic solution will appear at the end cause the game will be busted and the directors will not allow the company to go solvent and will think about alternative seriously if this game did not work out - and it will not work out.