You can always cut deeper. They still have over 7000 workers. A 10-15 percent reduction if taken private would be very easy. Maybe even 20%. Also, no necessity to report to the SEC as a private company; thereby saving a ton of money.
I don't think mid 20s. That woud be one hell of a premium, given their debt. However, I think $14 a share is a top end price for a private equity firm, looking to do a lot of layoffs, maybe some consolidation, and a little bit of market expansion. The private equity would look for a buyer (after they've turned the company around) at about $20/share. But that's at least 4-5 years away. In the interim, I bought a ton today at $9.43 and plan to be out at around $12 within two weeks. I'll take 20% short term anytime.