I think this is similar to asking why doesn't Shell just take it over.
I could suggest taking over would involve stepping into actually managing or running the business instead of just having an interest in it. Also, to a company like this, an offer would need to have a large premium on top of the 170m otherwise no one would care coz shareholders will not approve anyway.
And can't really directly compare Aussie stocks with Singapore's. If we look at the PE ratio of their stocks with similar size and industry sector, they do have a huge gap and there are lots and lots of reason behind why aren't these people just taking over one of our listed companies instead of buying shares in SGX.
Although it hasn't come to the stage that I would personally need to worry about a takeover by interested party at cheap price, I think there is such a risk involved if the price stays at this level for longer.
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