If they wanted to pay 53cps for all shares then they've could've just put an offer of 53cps to everyone.
They wanted a seat at the table as largest shareholder to control the company for their benefit imo.
Don't be surprised if Gino soon stands down and sells the rest of his holding to another Chinese entity. The Chinese are chasing a 50%+ holding between them and will then make a cheap play for the rest of the company. In the meantime, keep MTC under financial pressure and get a friendly underwriter to take up any shortfalls whilst the sp is weak.
Today there is simply no good news for the average shareholder but great for Gino who can now breathe a sigh of relief. He's been able to oversee a sale process where he and a friend are the only winners yet gets the ok from ASIC despite what looks like a strong case of a conflict of interest.
Just my opinion on a crap day for holders.
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