The company is high risk and controlled IMO by major holders.It...

The company is high risk and controlled IMO by major holders.
It has large cash and capital expenditure about to happen to revive a brand it has just bought along with the risk of restarting and building inventory in a business where scale matters. IMO they have never run a large staff etc as they have always done contract manufacturing and warehousing. Australia can be a expensive country to manufacture and distribute..

So what happens next - with no other bidder there is no need to increase price. Bidder absorbs some shares from holders simply wanting a exit with many having small parcels anyway so it tidies up register. Independent expert will suggest it isn't as bad as it seems . Fund if they don't get it all will just keep creeping up register over time. Possibly eventually trade sale of a delisted company as listing expenses are high for small turnover company delist outright to save $ or private sale and have shell. Problem of not being listed is valuation in fund not a simple but not a hard issue