Whilst I concur with your sentiment, unfortunately Leo doesn't have a Tim Goyder holding 15%, a lot more if you count other management and those loyal to him.
Yes FFX owns 17%, but that has a big for sale sign on it.
Unfortunately Leo would be a very easy target for a predator.
Though I can't remember his exact words, Simon did say something along the lines of any FFX deal would be in the best interest to Leo shareholders.
To me the ideal outcome would be the sale of FFX to an European Auto OEM, thus taking a strategic interest and hopefully enough to block a takeover.
General Discussion, page-5308
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