Research, page-2795

You forget that the founder is also a major shareholder with unfinished business and I don't think the other major holders would be willing to let it go so cheaply either.
The stock IPO'd at 1.60 and got to 2.75 not long after. I think there are probably a lot of holders who would expect more than 50c.

Phillips is a multinational and multi-divisional company. The various divisions have to stand on their own metrics and financial performance.

I don't think buying a small Australian health technology company that is pre-cash-flow positive is seen as a slam dunk decision and circa $500-600m (my guess at what might tempt SH) is not small change, even to a division of Phillips. They will bide their time and benefit in the mean time through collaborative sales of tests and market expansion. They have no incentive to rush.