Give Reason to hold or invest in CXO, page-279

I think you are right that a takeover won't be happening anytime soon, but for different reasons

A hostile takeover requires 90% shareholder acceptance and getting to 90% with the retail base Core has is likely to be extremely difficult and would most likely require multiple offer increases. The bidder would get the institutions ok, but they then need to get many mum and dad to sell at a loss. If they had the inclination to cut losses and sell at a loss they would have done so already. It might only be 20-30% of the shareholder base that won't sell, but that's enough to stop a hostile takeover needing 90% acceptance. Bid's like 50-80c might work but who's going to bid that that's allowed to bid?

If the scheme of arrangement pathway is taken, a more achievable 75% threshold is set but it requires the board to endorse offer. That isn't likely for any offer much nearer or above previous capital raising prices (40c).

A typical condition of any scheme of arrangement is an acceptable valuation report. If that valuation report came up with a price of even 20c a 14-15c bid is dead at significant cost to the bidder.