I disagree. Formula won't let go of Sapiens at $5.35 a share. Guy Bernstein is a sharp businessman, however, and he is not going to say no to a strong enough acquisition offer.
That said, I think Mr. Bernstein is very bullish on Sapien's emerging market opportunity in the insurance space and with Decision in the financial services sector. Adding five Tier 1 banks to the Decision customer list in six months, for example, is phenomenal.
Sapien's current acquisition value, in my opinion, is much closer to $10 a share than $5. If the insurance and Decision divisions continue to gain momentum that number will continue climbing.