They spent $700k last quarter looking at strategic alternatives. Not sure if someone wants to buy the whole company or a piece of the business. But if they spent that much money 'related to our evaluation of strategic alternatives' they must have some serious offers on the table.
That's alot for professional fees unless there's due diligence by the other party. I think we could get more than $12 on a takeout which includes a discount to intrinsic value (and no bonus for other enterprise value).
I would hope it wouldn't be much south of $12. Tangible book is $14. If someone comes in with a lowbee bid, they'd be better off just liquidating. Hopefully we'll see some good news on that front soon. It might be time to back up my own personal truck and get more shares. This can't be bad news.