the typical approach would be the average premium paid for similar transactions. that would likely yield a 30% to 40% premium over the current price (or + or - $3/share). If someone saw the acquisition as really strategic they may pay a bit more or if there were a lot of synergies they may pay a bit more. Of course, the current DOJ overhang may make any acquirer reluctant. the problem right now is that there's little or no outlook on the future coming from management. a lot of cash has been used for acquisitions that have not yielded any share price value and apparently few people see the strategic rationale.