Can someone tell me what you are waiting for? Jump on the bandwagon we would love to have you'al. YOUR BOD HAS ABONDONED YOU......all they do is continue to sell their shares.
I don't know why you think that margins are flat and getting killed by Motorola and Force.
MCG (Motorola Computer Group) never recovered from the decline in 2001 and is a board/systems business with lots of odds and ends that's heavily reliant - like the rest of Motorola/Freescale, etc. on other ex-Motorola businerss units to keep them afloat.
Force is a board business - good products, but no added value.
ATSN bought Spider Software in 2000 which enabled them to control their own destiny with their biggest customers by developing their own protocol software (SIP, VOIP, SS7 etc.). It was the one smart thing that ATSN did. It allows them to upgrade a $1000 board in a base station to a $5000 system with the embedded protocol software on it.
So, how does that kill your margin ?
I don't think anyone will deny that action on this stock over the last few months is largely due to the interest expressed by Bel Fuse - beginning with their buying spree of 5+% of shares and of course the offer.
Today's action is likely a reflection of what happened with Bel and the S&P. Anyone owning this stock should keep one eye on Bel.
Embedded revs are growing from $70 mn in 2004 to $90 mn in 2005. Operating margins are 25% and it should contribute about $0.30 to EPS. Comps like RSYS and SBSE have less atrractive margins and trade at 16x-17x. Call it $5 per share to be conservative but as high as $6.30
Either way this stock is going to $14. If there is no deal, the power business is worth about $6, the embedded business is worth $6 and there is $2 per share in cash. If there is a takeout by Belfuse or Emerson, we are looking at over $14. My advice is to buy and enjoy the ride.