Maybe not run down ....but maybe the realisation that where they (and super optimistic shareholders) want to get to is going to be long hard struggle with no guarantee of success
Been touting the business around for a while without success until CITIC came along so maybe the directors (and major shareholders) have in the best interests of shareholders recommended to accept this offer.
I doubt the share price would have got to $3 for a while on its own ....and if all this turns to custard and no deal found then $2 is likely