RE: Share price shenanigans Here is what I think. If the share price is not being manipulated, then we might be at $1.75 (making it up). A $3.5 offer for Cali only (again making it up, but I hope its true ;-) ) would only be 100% premium.
However, if the offer is made now, it would be 250% premium - which would look great for the retail investors to be happy.
Also, if they let the control go now, the investor sentiment can drive the share price much higher (because it is so obvious that there has to be a buyout) and it might actually end up getting close to the buyout price because of which there would be dissonance among retail investors.
In the end, people know that a buyout is coming, and not letting it run before that is about managing expectations.