Well VLM have trounced KLM on the LCY-Netherlands routes so maybe if you can't beat them commercially you beat them with your chequebook.
VLM's success has been built up on the back of a service standard and style quite the opposite of the KLM/Air France mass-market, do-it-our-way, stuff you if you complain operation, so if they were taken over they would probably lose a fair percentage of their support.