If the only hope, or major hope of shareholders it’s that the company is subject to a takeover then that speaks to the confidence that they have or do not have in the management to turn around this mess of a company.
Thanks for your honesty, this imo is uninvestable, but it does speak to optimism and hope for a brighter future albeit that seems unlikely, given all the entrenched issues and sector head winds.
An onlooker might congratulate winners at a market premium to the the raising price should that eventuate, but be happy to hold off buying until the momentum built into something sustainable should that ever happen.