You could probably argue that the offer has been reduced in net...

You could probably argue that the offer has been reduced in net terms when one considers the price of gold increase and de-risking as the mine hits a consistent monthly production rate. It is clear that they have learned from their initial mistake where they let the share price spike above their original offer and will not let that happen again. They are suppressing the share price now by heavily short selling their own holdings, a very risky strategy indeed.

The issue for them is loss of face, which as the saying goes they are clearly willing to spite.

Such a general cultural flaw which they will pay very dearly for....