With lead times as they are, I believe a bunch of very large companies are planning products that POET can deliver. It would be terrible if POET was bought out for them, and thus, a bidding war would ensue. Also, if one large company sees something that is worth lots to them, there would be others. That's why no one will bother, they can just buy what they need and not start a dust-up where they may not even win. 

I believe POET is undervalued because it takes more than  minutes to explain what an optical interposer is. Short of understanding how amazing the tech is, there is no appreciation for POET. Tiny revenue, losses for years, what is to like? 

POET is undervalued now, and will be until it rings the cash register. Then it may very well get overvalued as people realize what a gem it is.