The Chinese actually started the TIE takeover process by offering just 58c and sat in the market with there bid at like 57c and people were selling to them..
As the Gold price rallied and nobody was selling to them anymore, they then increased the offer to 68c and sat on the bid at 67c.
A few months before the takeover started, TIE traded as high as 85c when Gold had previously spiked higher , but at no stage after the first offer received did it rally much higher than offer price in anticipation of a bigger offer.. I suspect it was because the buyer was Chinese and the Australian investors are always concerned about them playing games...
It took a good +3 months to complete, but they ended up getting +50% of shares on offer and then one day TIE Mgmt conceded defeat and recommended everyone accept the offer..... It was very well played by the Chinese buyers keeping the shareprice low during the entire process..
To quote an e-mail response from our Directors to a shareholder recently;
" Good things come to those that wait " 
As long as the Gold price remains + $500 higher than when 1st offer received in January, we should expect we are in the box seat at the negotiations table.
With 78% of the total number of shares held by Chifeng and directors / top 20 & Chifeng and directors would be at the negotiation table, then Chifeng wouldn't want to be seen buying and push up the shareprice and i don't believe directors are allowed to be buying more shares because of insider trading laws..
Below is a comforting portion of many responses received when asked about why shareprice is so low compared to 1st offer : ( I must say they always respond punctually, within hours, so that is a positive sign as far as i'm concerned .)
Well one thing is guaranteed, when MTC was up above 50c after positive drilling results a few years ago , the Gold price was no higher than $2,000
(20min delay)