I agree, except for your last sentence.
If someone is going to seriously make a move to acquire 4DS they will almost certainly start accumulating shares on market, which is yet to happen. Nonetheless, any potential acquirers won't just start buying shares on market after an announcement, they are commercial entities with boards and shareholders and processes, they don't make knee jerk decisions like retail share holders. Interested parties will approach 4DS or 4DS will approach potential suitors, sign some NDAs and give them a look at the testing data, chat to the engineers etc. etc. Then they go through the usual processes internally and the wheels start to move. This will take some weeks or potentially months imo, but you can guarantee when it does happen by the time you notice something on the register the company will go into a trading halt and an offer will be presented, much like Elon and Twitter.
Saying a take over is fantasy land is straight up naive. The company has been extremely transparent about this route, they have explained why and never wavered on the end goal of selling the IP &/or company. Whilst many, including myself have criticised the company's communication style and announcements, they can't be faulted for being direct, so plain Jane in fact, it was painful at times. They haven't lied, they just adopted an extremely dry, no bells and whistles approach. And I will be honest, when Jim had left and Wilbert also left and they communicated an extensive delay it looked rather grim. However, if you look at the update announcement in between then and now, they categorically stated they eventually were able to test PL3 cells in the array and the market didn't care/notice. I used that opportunity to average down a bit and amazingly they pulled it off.
This company will sell, for how much I am unsure. The only thing I am sure about is that the real risk is gone, they have exceeded their own expectations pursuing the goal of manufacturing a MB array and the company is without a doubt worth more than AUD220m. This is why you have a long term holder (who is obviously wealthy) accumulating a huge additional parcel of shares and becoming the only substantial shareholder. He gets it, some others here get it, do you?
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