Smells of desperation to me, such a lowball offer indicates that...

Smells of desperation to me, such a lowball offer indicates that they don't have bank to go much higher. They completed a $90m raise last April from Tiger Global and DST Global Partners. I make their burn rate around $20 to $25m per year, given the number of employees and advertising spend to date and the fact they are trying to buy out a competitor (i.e. lack of their own organic growth). They may have max a 3-year runway left unless they can bag a competitor and fudge growth to get some more VC money in - but given current funding conditions they would need to turn a real profit to get anything. If anyone is in a good position to get more funding it's SWF, maybe they should buy out Stake??

It has to be North of 40c to make any sense.

As always DYOR.