​JB's tanking share price hasn't stopped them from aggressively going after NK, so at this point, if the hunter believes the deal is worth the pursuit, they're gonna go for it anyways.

Their (JB's) declining market cap however, does make them vulnerable to being hunted too, and that's where despite everybody's declining values, AS (down 12% in 6 mos., 45% in 5 years - yikes!), or anyone for that matter, could also make a move on them.

From Investopedia: "In an acquisition, the market cap is used to determine whether a takeover candidate represents a good value or not to the acquirer."