I like your logic, whilst the earnings @ TZOO maybe on the ropes over the next couple of quarters, its not easy to get a 25,000,000 email list together where the receipents don't mind getting an email. There is a strategic reason why a company could want to buy TZOO and think over the next few weeks that info will come out. By combining TZOO with a hotel network/ Airline / package tour maker, all of a sudden the sum of the parts makes it worth more than whole.
That is why they've been approached.. I think a bid in the $45-$50+ range isn't going to be out of the question..
Based on the conf call yesterday, I got that TZOO is a company that's conservative with their debt and with a growing user base, facts that make the company attractive for purchase. I believe that the stock will eventually reach the $50 range (Time frame of 6 - 12 months unless a significant buyout offer is made before then), I understand that during that time frame I might wake up one day with $40,000 less in my TZOO portfolio (no purchase/purchase talks break down) or $96000 extra (If purchase does in fact happen). I'll sit on this one and GOD willing make some benefit out of this.