Then there may be the answer in your question - the current SP...

Then there may be the answer in your question - the current SP is not a factor in a takeover, as they will have to pay 4 times the current price to get it?

If there was even the beginning of a takeover - the SP would be rising due to accumulation - errrm - not looking good right now! ;-)

Also if breakup value was 4 times current SP - wouldn't the management be raising debt (and providing great collateral to financiers) rather than (seemingly) super expensive equity?

Please don't think I have any details to support my answers - I don't. Just bowling some yorkers.