I’m not sure why anyone thinks that a take over is some right of...

I’m not sure why anyone thinks that a take over is some right of passage or has to happen or will happen. A lot of great companies don’t get taken over. Usually there is a reason the buyer targets a prospective company eg synergies they can deliver eg if we didn’t have a distribution platform and another business did, they might look to buy PNV and leverage their distribution network. Other would be a complementary product where you could get cross skill opportunities during sales process and the synergies might be removing duplication in back office. I don’t really see any scenarios like this any time soon as PNV has already done a pretty good job establishing a distribution network and boots on the ground operation in many countries already.
There has to be a very compelling reason that someone would take over PNV at a right price to then extract further value. If the major shareholders and board believe the company is worth a certain amount; they’d be expecting a decent premium to convince shareholders that being acquired is the right pathway forward. I just can’t see this scenario at this point