Maybe IIN WILL turn around and go up again, in spite of the fact...

Maybe IIN WILL turn around and go up again, in spite of the fact it's just been slam-dunked (with a sizeable gap) on the biggest volume in the last 18 months, and managed to go into bear-market mode during the biggest rally in the history of the ASX. I don't recall too many instances of such a recovery happening though - I DO recall countless instances of such a stock continuing to fall, usually at a fairly steep angle, so I remain happily short. Sometimes they'll rally back up on light volume for a while giving you another chance to get out at a better price, but I wouldn't count on it. I think the current price will look pretty good in a few months.
Re a takeover bid I wouldn't put much faith in that - they're fairly rare and when they do happen word usually leaks out in advance to create a rally up in price - if you see any evidence of a rally you've got better eyesight than I have.