Takeover target?

As time goes by with a stagnant share price despite fantastic earnings I keep thinking that as the largest renewable energy generator in Australia IFN could be a takeover target. I'm sure ongoing uncertainty regarding energy policy would be a deterrent for this but I suspect that when (or if) clarity arises here there will be large investors running their rulers over IFN. It's a good earner with an inefficient balance sheet. Management are slow to refinance and I imagine if a larger group with capital took it over and refinanced it themselves the value added overnight would make for a very profitable play.

I was a shareholder of Pacific Hydro many years ago when it was taken private and off the ASX and I'm imagining that it could happen here for the same reasons.

I'm just throwing this out there for discussion. Any thoughts?