A buy back won't stop that sort of offer in my opinion. The first thing that will increase share price is to prove to the market that PPL is cash positive and sustainably so. With small caps that's key right now. That should pop the share price. Next the key is to show a growth run way that is believable, and cash will be required to fund that.
Without believable self funded growth plans, opportunistic predators for undervalued shares will always be a possibility.
I had a significant investment in a share that was for years undervalued. They were doing regular buy backs. The share price barely moved over years. They've been making traction on their growth strategy and communicating that well, but the market still didn't reward them. A competitor placed an opportunistic bid in which the board rejected because they had legit growth still to come. The share price is over double what it was 6 months ago and going higher - the believable growth story saved them, not the buy backs. the company is SLC.
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