Ann: Q1 FY24 Results - Zip achieves positive Group cash EBTDA, page-2315

Would an acquirer (of any business) wait for a higher price that's over 10 times where it was once trading? The company/shareholders might not get to decide on the price or the timing of an offer!

I'd say there's a point in time where the risk/reward makes a company attractive as a target. Any suitor interested would be able to do due diligence on current results-to-date, unlike shareholders who have to wait for statutory results which are often 2 months after the reporting period end.

Not all acquisitions will result in every shareholder making their money back, where the stock has previously traded much higher. Also not all companies will be acquired.