Clealy smartpros can not grow organically and should not be an independent public company... instead it should be a small division of a larger company without the current corporate overhead. I will be surprised if we don't get an offer around $4-4.50/share - a larger entity should take us out this fall. I think the time has finally arrived - the stock doesn't work on its own. Let's see what happens this fall... management needs to move on and do the right thing for shareholders - they have had 5 years to execute as a public company.
I don't doubt your buyout speculation, but I think your range is too low given the cash position of the company. I think 4 to 4.5 may have been the offering range you heard of, but the final price will be closer to the 6 - 6.50 range. I think the 4.5 bid would be including o a one time cash dividend to the shareholders exceeding 1 dollar a share making the total offer in the 5.5 range.