Let's hope GOV keeps dropping. That will encourage activists to take a position. GOV is widely held and I do not think major shareholders think buying a conflicted stock at above market prices is a good idea. The BS is also levered enough that they cannot lever more to buy properities.
On May 20, GOV did not buy 9m shares of SIR at $29 (surely GOV could have stepped to the front of the line to buy that secondary).
Now they buy 21.5m shares at total price of $32.05 per share.
Gee, I wonder why they passed on the first and bit on the second.
About GOV being a target, I do not see any large shareholders there. Vanguard owns a lot, but they are not activists. Some 1% owners might be activist. I think it would require an operator coming in and buying up 8% of the shares or so for the express purpose of ousting RMR and getting GOV to reasonable values.
Today both GOV and SIR went well down, due, I think, to the negative value of having RMR seeming to be more in control of them (and less the shareholders). Call it the RMR discount.