I'm relatively new to share investing, and pls excuse me if this...

I'm relatively new to share investing, and pls excuse me if this is a well worn question that has been covered off many times in this DML forum. But I truly don't understand how management could reject an offer of $1.70 if - without it - things could so quickly become perilous? When the offer was rejected was the POCopper particularly high? Was the cost of the diesel to run all the equipment particularly low? Was there a solid business case to possibly expect a higher offer? It's not like it was a Warnambool Cheese situation!

So they rejected it knowing that if another offer didn't come along they'd be stuffed.

I'm mystified by the rationale behind rejecting the offer when everything has turned to poop so quickly, and presumably offers circa 20 cents would have to be seriously considered - all in the space of 12 months. What didn't mgmt know then that they know now, or are/were they greedy, or just stupid? Or am I missing something?

Stevie