Offer of $6.50 will only invites law suit, LIWA book value is already at $10 and net cash will be north of $6 at the end of second quarter this year. The minimum bid is $8.50 like FSIN and probably arbitrates to $11.50 like HOGS after all is said and done, that is why CEO doesn't want to do that. The process usually takes one year and, what if CCA wire receives a huge State gridline purchase order, that $11.50 will seem quite inadequate because it could easily climbs above $20 per share.
I have to agree with elpaso. $6.50 would be an insult. Perhaps jack is talking about the impatience that most longs are probably feeling with LIWA. Afterall, the broader market is soaring and LIWA is languishing. I'd certainly like to see a sustained upward trend, but I'm just thankful that the shares are still above $5. I guess extraordinary patience is the answer with LIWA.