It seems to me that nothing has really changed over the past few months with this company. Yes, they bought back 1/3 of the float, so their cash balance will be down (or debt up), but to me that implies that they have confidence it will build value.
Second, those who just tendered at $8 can now get back in below $5. Doesn't that make sense if nothing in the company has changed? This just seems so bizarre to me.
I sold most of my shares @6.84 3 days before the tender offer. The remainder I tendered knowing that we'd probably see sub-5.
I will buy back, but remember the company sold off one of its assets (the payday loans business unit) to finance the stock buyback, so the company is smaller but so is the float.
Admittedly prior to the deal the stock was trading in the low 6s. This is probably somewhere near fair value (in this current ponzi market - less if the market crashes). But in the short term the stock could move lower.
I'm looking to buy at these levels or lower. I expect to re-establish most of my position in the coming days.