To prevent a hostile take-over no doubt. But there would be...

To prevent a hostile take-over no doubt. But there would be plenty of suitors looking at this company now with enough legal and financial opinions to know the current price is cheap.
If the larger holders are selling it down it could be because they have holdings in the preditors looking at the company.
I'm certain this phase must be painful for current holders, but I would not be bluffed into thinking a takeover is not possible.
The historical process is to bash the price as low as possible and then offer 20% above current price to take the assets into private hands.
Everyone suffering now will more than likely take that offer, so there is no need for the entity to hold one share in the company.