It is so simple. Kaz govt can convince all buyers that they'll rig the courts & regulation so badly that PKZ won't be worth much to anybody, not even to PKZ itself going it alone ... unless Kaz gets what it wants. That could result in low-price bids which Kaz could meet, or a complex deal that gives Kaz all or part of the company or assets at a low price to make the problems go away.
Bottom line is that there's no telling what the real value of PKZ shares will be. Probably not a lot more than today, and it's hard to imagine a price significantly lower than today, though it could happen.