"There isn't a shred of evidence or indication that any genuine...

"There isn't a shred of evidence or indication that any genuine credible player has even completed a tyre kicking session."

Because those tyre kicking sessions and due diligence are done under strict confidentially.

Case in point. I used to work for Golder, a global Geotechnical and Environmental consultancy, that was employee owned under a Principal and Associates ownership structure. I started employment there about 4 weeks before a highly compelling offer (like multiples of the unit price) was received and annouced to the company by WSP, a NYSX listed multidisciplinary engineering consultancy. WSP had been crawling up inside the workings of the company for months, but it blind sided everyone, except those who were in the executive - who were all tied down in monster NDAs. A uni friend who was in the executive, who I spoke with about buying in as an Associate, didn't even let on to me in the interview that I might not be able to do this in the near future.

Reasons for the secrecy?

1. The tyres may be kicked and the kicker may move on. In 4DS case this would cause a price spike, followed by a massive crash. That SP behaviour would call into question the competence of the teams involved in the potential transaction.

2. if word got out unit holders who were leaving may have stayed and new hires (such as myself) may have gone elsewhere. In a knowledge organisation, the value of the business is tied up in the people who work there.

3. The tyre kicker doesn't want competition. A company like Jacobs or AECOM could have got in on the act and bid higher.