You present an interesting argument. Allow me to provide the other side.
If as you suggest DOW is offering 500MM for this that translates to roughly 50 cents a share. The whole idea that it is DOW still seems outlandish- but I'll grant your premise. While this is going on someone who owns mega-shares is dumping them at 2 cents. And buyers can't get this past 2 cents. Hmmmm.