Its a programmed selling of high P/E stocks. This is perhaps the delayed "Sell in May and go away." There is a vacuum before the next earnings reporting season begins - about one month away.
What has the Board of Directors recommended the public shareholders to tender their shares? What the public can do if they refuse to tender their shares due to low valuation.
I don't think the purchase by the Chinese investors will be approved because the Chinese investors are synonymous to the Chinese government.