In other words, the management did not have a plan, and as a...

In other words, the management did not have a plan, and as a result do not have a plan to know what to do with asset, that is cash. It does not have to be spent on takeover, but had the management had plans for growth of the company itself with its own operations, the cash could be utilised. Mind you, had the management looked ahead, when the got to present, they would have found some wise investment opportunities ... surely SIP is not the one and only performing beyond expectations and best prospects!