sack the board part 2

I know I am negative but I believe this seems to be lost on people.

Can someone please explain to me why a jv partner would want to give 10s of millions to CTP for a minority/non operating stake in one of the projects when they can buy 5% of the company for $3m and roll the board?

Any JV partner with half a brain is going to go after the company, not the asset.

Why would a takeover be a bad thing for CTP shareholders anyway? A 75% loss over 6 years is enough. Even if things go well this year it is clear that they would go better with new management.

I can see why management wouldn't want a takeover - they don't have any real equity in the company so they would just be losing their lifestyle salaries, but shareholders should welcome a fresh start.