a law firm files a suit against SWS based on a solicitation by another firm to buy company. Premise is they are not shopping for an adequate offer based on bookvalue.
Don't you love lawyers. SWS didn't even solicit offer. It came out of left field by a company looking to buy SWS on the cheap. Investors have sold down stock to half of book value. I suppose they don't believe what the latest 10Q provided, which was a significant reduction of debt.
I would encourage the board to continue talks and hammer out a fair price. If the situation has indeed improved, once Sterne does their due diligence, they will offer a higher price. I would say a starting price would be near book, if the assets are at true value.
Expect a good ending to this one. If both sides depart, it offers confidence tht future will show improvement for SWS.
this stock will see seven in short order. Last time Sterne solicited an offer to buy SWS was when old management was in place. Share price was north of 8 at that time. This one is going to move up quick and my expectations are Sterne will be back with another bid.