Navman Wireless could make them a future buyer of PCTI as PCTI sells antennas to this end-market. DHR, just getting into this business, may just want in integrate backwards to capture margin and critical mass as they will most likely use the Navman acquisition as a launching point to get into the mega-trend of wireless expansion.
So, if mgt doesn't do an LBO in 2013, they will get bought out by DHR or some other strategic buyer. Either by sales and earnings growth or buyout, PCTI is a double digit stock-perhaps as high as the low teens.
JDSU is buying Arieso this morning for 3X+ sales. Arieso's business reads alot like PCTI's scanner business. I'll figure out how much of PCTI's scanner business is on an annual basis later, but in the article (JDSU) it suggested that market is going to grow 40%+ in coming years. Just another tidbit of information suggesting that PCTI is undervalued and could be bought out by any number of players.
To say there is no bank debt for this kind of deal, a cash rich company, would imply that have have "shopped" PCTI to all banks, both domestic and foreign, that do LBO's. Since I know you haven't, you will have to come up with some data to flesh out your claim.