No one wants to buy PBY. The only prospective buyer in the last ten years, The Gores Group, backed out. During that period, no one else showed any interest.
The Blackstone Group chose to pursue AAP rather than PBY. PBY's desperate and constant search for a buyer is well known throughout the financial world. There will be no knight in shining armor for PBY.
Anyone who believes PBY will be bought out does not understand business and finance. These are the people who bid PBY up 5% today.
PBY is a stronger company today--mainly by a $50 million cash infusion resulting from the Gore cancellation and a series of cost cuts that went into effect six months ago. They won't be taken out at $15, but $11 to $12 is a very strong possibility.