Yamana Gold Approached with Tender Offer

Hmm, this seems kind of strange to me.

YAMANA GOLD INC. announced that it has received a copy of an unsolicited
below market "mini-tender" offer made by TRC Capital Corporation, pursuant to
which TRC Capital has offered to purchase up to 3,000,000, or approximately 0.48 percent of the outstanding common shares of Yamana. The offer price of C$15.75 per common share represents a 1.87 percent and 1.68 percent discount,
respectively, to the C$16.05 and US$15.70.

Why would they approach Yamana with such a low-ball offer? Were they simply hoping that the company would just accept a below-the-market price? I guess TRC Capital was hoping to build a large position in the stock but wanted to do it under the radar.

I wonder why they couldn't simply wait until the stock dropped into their range and started buying little by little like most funds do? In any case I still think that the market is undervaluing the price of gold when it comes to Yamana's shares. So maybe that was TRC Capitals was thinking when they approached them with the offer.