Vast accumulation of patents alone may be worth the $4Bil market cap.
Further panic selling could take this as low as $10.90. A 10 P/E plus significant patent value plus a growing global market, equates to being a highly attractive stock.
I think the same thing that happened to Web MD will happen to Nuance -- that is get crushed not long after Icahn buys it, and then eventually rebounds for a tidy profit above what Icahn had originally paid. Another roller coaster but a big opportunity for the patient bottom feeders.
What are you forgetting and starting to be priced in. There is potentially billions of goodwill write-offs to be completed if their acquisitions do not perform. I am not sure of the accounting rules but it is not always an option. Their are rules they may force them to start to write-off this goodwill.