The easy answer is because noone wants to do a hostile takeover....

The easy answer is because noone wants to do a hostile takeover. Hostile takeovers are by definition hard to pull off. Why do a hostile takeover when you could do a normal takeover.

Yestedays trading had 0.3% of shares changing hands (how many of these hands actually belonged to real people is another question).

For a TO you need almost 100%. As I've pointed out several times, for a company in Neurens position yesterdays share price pretty much irrelevant.

Sure, waiting means the price may go up after these events, but the risk is also reducing. As we've heard many times big pharma much prefer de-risked assets. The more de-risked the better. It benefits both Neuren AND buyers to wait until everything is tied up with a neat bow.

You want $100 for your TO and are worried about the TO premium to the share price? Let's wait and see, I think we'll find by the time any offer is accepted the TO premium will also be 'acceptable' (eg the share price will be 50% of the $100 TO offer).

Just because the share price was $13 yesterday doesn't meant it will be $13 once all the news events I've mentioned hit us.

I would also point out that these guys accumulating low priced shares with their bots will have just as much interest as you and I in seeing these shares later sell as high as possible.