While a takeover might benefit a small number of shareholders,...

While a takeover might benefit a small number of shareholders, it wouldn't do much for those long suffering ones. A takeover usually occurs when there is significant value to unlock in the target acquisition. In my view, the level of pessimism about Myer exceeds the earnings decline which has resulted in such a scenario. I would be surprised if there wasn't at least one player crunching the numbers as we speak.

My preference would be for no takeover and the benefits of having what seems like a capable management team unlocked (you can never be sure). Over time, I believe this will lead to a share price higher than any takeover bid announced in the next few months.

I bought a reasonable position in Myer a few weeks ago, aside from getting rid of dead wood at the management level the other catalyst for me was the level of pessimism. Buy in gloom and sell in bloom...