Mike88.When I consider the possibility of a 'takeover' I can't...

Mike88.
When I consider the possibility of a 'takeover' I can't see a compelling incentive for a new owner.
I keep asking myself "takeover of what?"
From what I can see,apart from the tax credits,the companies prime assets are not only under performing,but they appear to be active liabilities.
For example, as far as I know, Oceanique is not only failing to meet sales targets but it also carries considerable ongoing costs including substantial interest accruing debt. Even if the property market picks up, the building is no longer 'the newest' and is now facing competition from a number of newer,contemporary developments,that are also possibly better located for upmarket apartment dwellers.
The asset at Point Grey looks very solid in concept.
However,unless the news tomorrow morning dramatically changes things, they have no capital to develop even stage 1. The costs of development of just this stage is now likely to be well over the $35M they had previously earmarked for its development. The company has stated that they will not commencence work on Stage 1 until the property market gives them confidence to do so.
The risks are so high,and with the costs of development so expensive in that location,it may be many years before the first development titles are available. If they don't sell like hot cakes, investors may be facing a Stage1 equivalent of Oceanique. There are locals who believe that the company may not have conducted , with due diligence, the necessary maket research,in regards to potential buyers, at this location.
Consequenntly any takeover raider,would have to discharge existing debt,take on the ongoing problems,costs and risks with Oceanique (few units appear to be selling at current prices and marketing strategies), and raise very substantial funds to develop Point Grey,with very real risk,of not drawing profit for quite a few years.
Is this efficient investment?
I understand the original estimates were potentially $1billion worth of sales,with $500 million costs.(Over 15 years)
You would have to be very certain of your sales potential,to start down this track. Once you are in ,you probably have to see almost all stages completed and sold, before any profits are realised. A huge risk here!
I suspect your latter alternative is more viable,but tomorrow may leave me with egg on my face.