Can any one here explain to me what happened when an ASX listed...

Can any one here explain to me what happened when an ASX listed company go privatisation? Shouldn't it be the same as merger&acquisition? If it is, shouldn't the PACT (the receiver group) shares will rise to meet the fair value of price? Or what is exactly is happening that keeps on declining in share prices even weeks after the last impairment charge loss announcement? And what triggered this ubique asset management to sell at such loss? I remembered when the price was around $3.20, that is when they are in, and then rose to $4 and steep drop down to under $3,initially they didn't purchase alot but I don't know since when that they accumulated up to 27 mil of shares? Also, I was wondering, does any one know who's been driving the price daily? Was it the margin traders or institutional investors or whom? Because not just UBS sharing the frustration but many here are irritated that the price keep going downhill? Was it being manipulated or bank tried to match the price between buyers and sellers, and apparently not many interested buyers out there right now causing the price drop?