He will find PLENTY of would be buyers for this company. It's likely that they will make their offers too, but the question remains...exactly how much would it take for Sullivan to relinquish control and to whom? Like many, I've placed my bets upon GOOGLE, EBAY and YAHOO, although it is doubtful the latter could muster the internal support after all that they've been through recently.
I am sure he is. I just don't think he will be able to find anyone willing to pay $60 per share in cash. I seriously doubt the board will accept anything under that. Why should they? If they just keep executing, the price will come into line in the next couple of years.
I agree with you about Yahoo. They just can't figure out what the hell they are doing. They don't even know what business they are in anymore.
I seriously doubt eBay would have any interest. They have been good about carefully selecting targets that can be logically folded into the core business. Likewise, I don't see Google having a serious interest. It just doesn't mesh well with their strategic focus.
Of the 'big boys', the only one I can remotely see is Facebook. They have the cash, and Zuckerberg has a reputation of rushing headlong into deals without really thinking things through. I do see a logical connection b/w FB and Ancestry and how ACOM could add to the FB experience. However I suspect that the fiasco of the IPO, coupled with stinging criticism of sr management will make the Facebook board more cautious now that it's publicly traded. That's not to say they won't make a play. I think they will, but I bet they will offer a share swap. That won't fly IMO. The institutional holders of ACOM know that FB's management is messed up. They won't want any more shares than they already have.
I still think the logical explanation is that this exercise is designed as a defense against possible class action lawsuits claiming that the board isn't fulfilling their fiduciary responsibility to shareholders. Look for ACOM to continue to go at it alone.