I have been of exactly the same opinion for a long time; Topcon is the most likely buyer. A handheld camera is the piece they are missing. More specifically, an FDA-approved handheld camera.
If it were already clear that this will become a major business with the handheld camera, an offer would likely already be on the table. In my opinion, the lack of an offer says more about the stage of commercialization than the valuation. The moment Topcon activates is the same moment it is fully convinced of the breakthrough of handheld technology. Of course, Topcon isn’t the only option, but it seems the most likely. Currently, Optomed is a loss-making company undergoing a transformation from a device manufacturer to a service provider, and its financial position is being questioned. Additionally, the company has non-core software business, which certainly affects the assessment.
Topcon and other potential buyers are willing to pay a higher price once the potential is better proven than it is today.