In theory - Zhaojin could engage in questionable business...

In theory - Zhaojin could engage in questionable business practices that still benefit Zhaojin and not the actual shareholders of TIE.

i.e. Excessive "exploration costs", hedging below market value to another Chinese company, dwindling profits and not distributing dividends as a standard "public company" might. No one could regulate as they would have their team in place and majority shareholder. ASIC is unlikely to do anything.

Remaining shareholders best interest may not align with Zhaojin's. It could be a way to garner interest in another offer later for the remaining shares at a lower amount.

Depends if they want to play the waiting game or if another bidder comes to the table. There's a lot of variables to consider, but Freddy's example is plausible.