I guess you're right I don't know %@&$ about the buyout process. You mentioned Apple and Facebook as customers. How did that work out for FIO? One of the many reasons FIO has been a dumpster fire was the lack of a diverse customer base.
You obviously haven't heard of a tender offer? Due a little research on the subject and look at examples of what happens after a tender offer is made. Moreover, the unintended consequences of the process.
Final point. You throw the $30 figure around likes it's monopoly money. As you assert, I don't understand the buyout process, then I ask you Mr. Expert who's going to pay $30 a share today, tomorrow, next year for FIO? Nobody!
STX's management isn't that dumb. They've had their chances when the stock was at $9, $10, $11, respectively. Furthermore, if FIO is so attractive, why hasn't EMC taken a run at the company? The answer is pretty simple; nobody wants this company at current valuations or it would have been long gone.
One less than stellar earnings release doesn't make for a $20 buyout.