How do you figure they overpaid? From what I have read, they paid a fair price not cheap but not too much with a kicker on the additional potential of the asset. I wish more of my investments would do an acquisition that was accretive to earnings. Some of these tech deals are just losers much less positive to earnings.
O&G is just not in favor right now...lets see as inflation pick-up here...
#$%$...Steel never tipped their hand with Handy & Harmon...never knew when earnings would be announced, deals, etc I suspect its just good business not to be suggesting or locking in dates unless you can hit them. Steel made me good money with HNH; I got out to soon...not this time.
There should be more positive movement...if you want to use the NOL's you need to buy some profitable companies...see HNH; bought out WHX Corp with lots of NOL's and acquired several companies to create tax-free profits. Now you buy a 30 million company at a 4 or 5 EBITDA and put it in this tax-free shell...Bingo 20+ dollar a share...see HNH.
My guess is they needed to get the ship upright before getting a new business. We are floating on our own now...time for step two!