Piper and efficiency don't go together. Are you saying there is a takeover premium baked into the stock...big boys buy piper? Dude - who/why? They already took the business, why take the costs associated?
After market support my boy. Look at the multiples on this issue. Unless you think this company is worth more, that is, its business and assets are worth more than the big guys, or even a Jefferies, sell. I am hard pressed top support this arguement. Look at the business - the idea that mid sized firms are not getting attention is false. How many small deals come down with CSFB or Goldman on the cover? The big guys have absorbed marketshare over the past few years - they are not going to give that up.