The stock was selling in the high twenties before the scandal broke. That's less than a year before the board had a 24.75 buyout offer. By accepting, your telling shareholders of the company the board doesn't know how to run the company. In hindsight, this maybe so, and why AJ stepped down. This board is not going to admit their wrong especially when they just got re-elected by the big holders. SM is either our saviour or our Failure. For us shareholders who held, failure is not an option. Sure the jury is still out if SM can turn the company around. The Silpada acquisition (around 700 million + tons of goodwill)finally might be benefiting from lower silver prices. The company is in transition. Painful as it may be. IMO it's not going the way of Kodak. Although the current picture is not bright. If Richmont really wants this company. IMO They've already hypothetically acquired less then a 5% stake. I agree with anyone that only a hostile bid to shareholders takes this company out. Meanwhile, short term pain for long term gain is what I'm hoping for, but that could be far from certain.
1) They felt they could turn around the company with new leadership. That new leadership would grow the company and return the stock price to 30+ within a reasonable timeframe.
2) They didn't know yet if they could turn around the company until they completed a rigorous review led by new leadership. They didn't know if 24.75 could be achieved organically because they hadn't allowed their new CEO to tell them what she believed she could do with this company just yet. essentially bad timing for an offer.
3) They felt that holding out on the offers from Coty would get them to raise it to near 30 eventually but made a mistake in judging this
4) they have other suitors that are touting higher offers but are waiting to finalize financing
5) They are horrible fiduciaries over this business and decided that investors should be screwed lol