the offer is not as good as it looks.

CSM is on a temporary high.
TIR was on a low b4 the bid.
A 200 day M.A. values CSM at 95 cents.
and values Titan at 40 cents.
Titan has cash of approx 17 million, or 9.4c per share
So. 3 shares of Titan @ 40c + 28.2c cash =$1.48.
Against 1 share of CSM @ 95c + 36c=$1.31.
I think we need another 17c.
Maybe I am biased but it looks fair to me.