A bid would have to be north of $5.00, page-4

I think it's important to differentiate execution of strategy with the share price. The EPS remains attractive. From all reports, the integration strategy is continuing. It's reasonable to expect that the integration of three major businesses in their own right (Amcom, M2, Nextgen) will take time.

No doubt the SP has taken a hammering, but I don't see this as correlated with poor execution. It's correlated with the fear of poor execution and heavy influence from the shorters (7th most shorted stock). Time will tell with the next set of financial reporting.

If Vocus can execute on the integration of these businesses as planned, there should be significant upside. I would be dismayed if the board recommended a takeover bid at sub $6.