DXB A New Direction, page-20

Exactly, the lower the share price obviously the more attractive for a takeover... assuming shareholders would approve a lower offer. I guess the NDF research report with a target of 80c based on detailed calcs provides at least a guide for what the takeover amount could be (approx USD$100m). The same goes for takeover opportunities of companies with low cash balances, which is most likely why PAA and VLA raised capital then a few months later went into trading halts pending announcements with US Pharma.