I think one reason might be that with a disruptive technology that could and would be incorporated into the majority of photonic applications around the world with very limited competition and having patent protected IP, the canadian Govt would not let the takeover happen due to monopilization and control that it would give one company.

In poets hands it would be shared, thru licensing and products sold and available to any company that could use and afford it equally.

So regardless of share price or SRP, or even if the company wanted to sell, they would probably have restricted options. They might only be allowed to partner or sell to a consortium of companys that would offer equal choices to all. (imo)