At what level does the market cap becomes irresistible to a...

At what level does the market cap becomes irresistible to a takeover play?

Times have changed, and not for the better.
The wagering product is being heavily taxed at the point of sale.
Horse racing in NSW, TAH's major source of custom, is in decline for racing industry-centric reasons - with no immediate remedies on the horizon (kicking the can down the road at best).

On the positive however,
TAH has 19 years to run of its Victorian Licence plus all the remaining retail outlets.

At under a billion market cap, international wagering players, who could potentially generate serious synergy from these retail assets (but would be subject foreign ownership and in some cases ACCC scrutiny), are not the only potential suitors. Australia has a recent history of producing wagering entrepreneurs.

There is a "buy" argument ...but how to attempt to catch a falling knife?