Ten Bagger, page-47

That is the problem with biotech companies in particular.

Whether people consider this sort of comment merely in the realm of "conspiracy theory" or accept that it could be part of the story, start up companies are easy to manipulate by larger players.

They force the price down and keep it down at a level below the fair value and any TO offer will always be at a lower level as well.

Unfortunately, the majority of holders are either worn out by the constant low SP or have purchased shares at the basement price and will be happy to accept a bid (in your example, 4 times the base SP). Never an even playing field for smaller "tradeable" companies.