think you will regret that. this is a radically healthy company in a market that is unique and just being penetrated. this is just the beginning. i don't think they will get what it is intrinsically worth, but i'm venturing around $42-45 *with* the new financials (precisely around its high, at perhaps a slight discount)...i think they'd rather be private and that the founders are ready to reap their rewards for decades of work.
IMO - Most acquisitions in the news lately have offered a PREMIUM price to encourage approval and award board members...I agree with your math, but don't be surprised if you see a premium offer in the range of 10-25% higher, which may put the offer in a range at or around $41.25 to $46.80
Question: Are MMs holding back price to allow institutional buying in this last week or so before we hear of an offer???
I do not see a bid over $40, if someone like GOOG or FB wants ACOM, you may see $40+, but not from hedge funds, I got in on Tuesday and hope ACOM is not greedy, take the offer, you just never know, AMGN offered to buy HGSI for $35 in 2010, and HGSI refused, and sold for $14 now.