NAVB, as a stock, has no real friends. Under performs on good news; has been plagued for yrs by those who can muscle it. Many have stayed away for that reason. It needs someone to merely look at the fundamentals vs the technicals. I think there's a better than 50/50 chance someone eventually does.
Been watching for awhile; I'd be shocked if someone didn't come it a bid $3.50 for it. Limited downside; it is easy to see the stock could be worth btw $4.50-$5.00/shr. Either that or some will just accumulate as much as they can below $3/shr. I've seen this 'play' before; no one wants it until someone else does. "Why isn't it higher?" Then you look back and say, "yeah, at $2.50-$2.75 NAVB 'was' dirt' cheap". We'll see.
I think Royal has to do something sooner than that. How quickly will ELN decide on the shrs they are buying back via the Dutch auction? I suppose Royal could still buy the 'remaining' shrs ELN hasn't repurchased. $14/shr? I hope you are correct. I think the only way it gets there is if another entity comes in in the meantime and bids, say, $12-$12 1/4. Then a bidding war develops; which I doubt. Given all the news that is public, at this time, $14 seems a bit frothy to me.
As far as I can see, the Dutch auction starts this Tues, right? So someone has to start saying (another big brand new buyer) something fast otherwise it gets real messy. Dutch auctions are dicey. I need to read up more about the specs on this one. I'm an ELN shr-holder. 'if' on Mon ELN trades above $12 1/2, I'll sell 1/2 my pos. Sure; would I prefer to sell at $13 or higher? To get there the large existing shr holders have to stand pat. Maybe they will; but I doubt it. It's possible you'll get a 'higher' price in the outright mkt, sidestepping the auction.
The only question is at what $. My guess is btw $12 1/2 and $13/shr. I doubt there's more of a bidding war unless what ELN has in the hopper will be perceived as being super-valuable. That is unlikely. So the first bidder that gets to $12 1/2 most likely wins; someone may pay $13/shr just to end the competition. We'll see