Try to understand ILLM management incentive of cash offer and share purchase of last year

Thank you for your quick answer, Den.

Yes, I’m trying to under their incentives of actions.
A) Could it be possible that the management has access to top-notch technology and enjoys the associated management benefits, but lacks the ability or willing to effectively manage, market, or commercialize the technology to capitalize on its potential? B) Or do you think they are trying to privatize / sell the company?

Do you think which way above (A or B) could better interpret the following actions:
Perhaps they find themselves with excess cash but lack the expertise to allocate it efficiently, leading them to decide on buying back shares. However, initially, the management mistakenly overestimated the company’s value, resulting in their decision to relinquish their own shares in response to the cash offer last August. Subsequently, in November/December, they attempted to boost investor confidence by purchasing shares, but unfortunately, they failed once again.