After all this time? - The market has only opened up this year,...

After all this time? - The market has only opened up this year, the time prior was to be getting ready for the now.
TO can never be ruled out and no doubt there will companies watching.
Some thoughts below
The team that sets the TO up does not won't to risk their reputation or career being damaged/destroyed by
deal not getting done, don't like what they see when doing due diligence on the book
or cannot get 50.1% to control the business, there are lot of HNW that hold the stock and the 2 largest instos have a blocking stake that supported new management coming on board.



And if you follow AI1201 they would put themselves back another 18 months while they get their head around the business and put in their own team while trying to get the business up and running. Much easier to let others succeed and pay a premium.
No requirement to set budget/inject funds from the parent company to keep IPD afloat if business is profitable and risks removed.

The TO price that gets the deal done is not based on the share price now.
Longer term holders/thinkers look at what the company is worth on a 1B revenue from CRL. Add in Heart, renal, ROW IPD is quite compelling on a longer-term horizon. I would rather have this potential in my pocket rather than others.

There is a better way Wyckoff. Accumulation.
Acclivity.