The fact is that EFT has never turned a true profit.Operating...

The fact is that EFT has never turned a true profit.
Operating profit, yes, but never a bottom line profit.

It has never added to its customer base through any initiative other than using shareholders funds to purchase other struggling ISP's and then proceeding to steadily loose those purchased customers.
& who do you think they loose them to? .... their larger competitors who do a better job than they do in keeping customers.

So why would companies like iinet be interested in taking over EFT when they are already the recipients of a steady flow of 'free' churn from EFT

Apart from that, do you think the board + estranged rellies (who also want a place at the trough)& hold well over 50% of the script, are going to give up their long term cushy jobs for a handful of beads?

Forget about a takeover ... there are no interested buyers & even fewer interested sellers.