I've seen companies sold for a good margin under the current share price.
Name one other than Bear Stearns.
looks like your about to see another one lol
don't be so sure, check Leap, sold for huge primium
leap had a lot of costumers plus the was a wireless provider not a phone maker no to mention thier Spectrum
Bird in hand is gone due to horrendous business metrics. Bird in bush will make low ball offer if any.