Like Options Express and other financial services, a buyout is never at book value unless the acquired company is in or near bankruptcy (like E*TRADE was in 2009). So, it is likely to sell for 2 times book. Right now, both AMTD and SCHW are trading at 3 times book. It makes sense that ETFC is a bargain at 2 times book. That would be a buy out of $34 per share. At $17 per share now, we are trading at par. Any thoughts?