Yeah. But it doesn't really matter. Who cares if you get a cash...

Yeah. But it doesn't really matter. Who cares if you get a cash offer or shares which you then sell for cash? Shares are probably a bit better because you have the flexibility to sell when you want. So if you believe in the new project/direction you can hold.

It is less likely to be a biotech takeover imo. Usually it is junior oilers or miners. And they do it either to increase liquidity and sell out. Or more typically because they have a great project but no funding.

Become ASX listed and funding options open up.

In TDX case, if you do secure a settlement with Bayer, it could be very attractive for a junior oiler to bring a project and use your money to drill. Then follow up with a rights issue or cap raising for additional expansion.

But going down that path usually means replacing all/most of the management. And means the IP would be worth NIL.

Shells can be profitable but their are usually several companies in need of this kind of rejuvination. FLS also in the bio arena is looking for similar opportunities and have expressed they want resource sector.

ROS has all but gone belly up and have been in indefinate suspension waiting for a similar opportunity. They are in a worse position because their last traded sp is much higher than the worth of a shell.

But FLS and TDX are at trashed prices. they are definately worth more as a shell than current market cap.