I suspect that a strategic investor wouldn't be buying shares on...

I suspect that a strategic investor wouldn't be buying shares on market at the current price. They would be having direct discussions with management for a big new share issue at a significant discount to the current price (into which other investors may or may not be given the right to participate).

All subject to shareholder approval of course, but once it's announced it will be pretty hard to come up with a viable alternative if the deal is declined by shareholders.