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You can't just look at the last close. These deals will take recent price action into account. 2-3 months ago this stock was hitting 6.75, I think a 10+ offer is legit.
That works both ways. 1 month ago it was in the low $4s. Just sayin....
I don't think it does. Offers are going to be based on the previous high end price action otherwise you are going to see shareholder's unsatisfied with the deal.