I think it was Gary who inspired my following thinking:

I would agree that there is likely not as much to worry about regarding a takeover of the complete NOT assets as indeed these assets would have to be factored into the offer. A takeover interest would likely just want to skim the perceived creme and make the minimum offer.

Having said that, it would still be prudent for a company to spin off other assets to ensure continued company/shareholder value. In other words, take nothing for granted or never say never.