A bid would have to be north of $5.00, page-5

With book value per share currently at $6.21, this is another reason $5.oo would likely be the minimum value a takeover could be achieved at. No board is going to be able to accept an offer that is much more than a 20% discount to their company's book value (even if the market is expecting goodwill write downs). Nor would they be able to obtain an independent experts report on valuation at such low levels to justify a bid recommendation, as that report is going to be a lot closer to book value or higher.