I'm with Management and not DMX. If an unsolicited offer is...

I'm with Management and not DMX.

If an unsolicited offer is made, Management don't have to take it.

But the price will gravitate to the valuation.

They have worked hard to turn around Adheris and they're hitting an inflection point now.

EBOS just advised their taking of shares from PVM is an investment and have no intention to sell.

Guild Group and Cotiviti would hopefully also be considered cornerstone and investors.

If PVM and DMX are advocating for a takeover and a quick buck (unfortunately I can't see the remainder of the article as it's paywalled) I assume there's new capital willing to take their place, just like EBOS.

I suspect the Top 20 will show another small increase above 80% in FY24.

FY20 Top 20 held 73%
FY21 Top 20 held 70%
FY22 Top 20 held 78%
FY23 Top 20 held 80%