I keep thinking that they will have to keep ratcheting up the offer - it seems like this is a $2 stock based on fundamentals BEFORE the buyback (.10 in earnings growing at 20%), but that is just my initial reaction. I don't see what the motivation is to tender shares at even $1.50 . Especially after they shrink the float, $2 a share or so seems more than fair.
Well the fact is that they probably will get a bunch of shareholders to cash in, and they can modify the dutch auction price if they don't get enough takers. They are leveraging their debt to retire stock, and if they continue to be cash flow positive, then it will hit over $2. If not, and ting is not a big winner, then your $2 is going to be a distant hope and wish.
Personally, I'm long, and I like the way you think. Lets hope for the best, since the whole US federal budget impeding potential fiasco may potentially derail many rallies in the near future.