In my opinion, I would guess that the end game uncertainty is the major factor influencing the share price right now.  The last press release hinted that some offers could include joint ventures that would essentially maintain the company as is.  If that is the case, then the full value would not be realized by a takeover.  In this case, a refinancing by issuance of shares could be proposed.  While this would be a positive in the current state of affairs, investors do not know if they will be given a chance to choose or if management will prefer scenarios that involve them keeping their jobs instead of an outright sale.