Management have not been railroaded; they have been actively...

Management have not been railroaded; they have been actively soliciting a bid! Both Connelly and Middlemas are known deal makers. Truth is, a takeover is probably their preferred outcome. But please take note that they are not renown for selling their shareholders out cheaply.
It appears that some shareholders are aggrieved by the possible takeover. I must admit, I bought into PIR because I believed IT WOULD BE taken over.

https://au.news.yahoo.com/thewest/business/wa/a/23875842/talk-suggests-papillon-in-play/