With microcaps, it is frequently observed (in my experience which is getting longer than I would like it to be) that share prices react to news with a delay of sometimes as much as a day or two, depending upon the nature of the news. Obviously, takeover bids are not ignored.
I got lucky yesterday and added a bunch in my main account and more than doubled up in one of the kids' accounts that was badly under water.
I just wish I had put some orders in overhead becuse the numbskull apparently used a market order and got hosed. I don't think Mr. Davis would do that.
I only got off a tiny bit here on the sell side. Not bad for less than a day.
Keep in mind, investors sit on their hands, traders have to "turn the crank." I do both: my trading is designed to (hopefully) take out cost on my investment positions and "make them work while I wait."
In any event, my opinion is that this stock will drift lower over the next few months until the new CEO is in place and the new vision for the company is defined. Of course, the markets do sometimes try to anticipate what the change and new vision will/can be.