Brown (n) Takeover Rumours (BWNG)

Just looking in. What's the investment case here? It seems to have a market cap of £90m but high debt and small profits, with no particular moat. Ashley has built up a big stake, is it basically a punt on a buyout, and if so, what is the target price? Something above the Alliances last buying price of 35p? Remember that big investors and business owners can get it wrong too... If the takeover doesn't materialise or is rebuffed, what's the fallback scenario? Trade its way back to profitability, and hope that the debt reduction is steadily reflected in the market cap?

we wait for a 30p takeover now lol ... give it 24 months lads