ASIC APPLICATION TO THE TAKEOVERS PANEL (UNACCEPTABLE CIRCUMSTANCES)., page-12

Who in their right mind is selling at 26-27 cents a per share? and more importantly buying at these prices? may be the question you need to ask. Then one would need to think about why?
Overall the company has been making good progress and this offer seems to be one that is taking advantage of the fact that this company will start to make good money sooner than anyone anticipated and are now hurrying the T/O dressing it up as a good deal.