Ann: Pacific Equity Partners Proposes To Acquire Citadel, page-57

No I don’t think it’s reasonable. I think their offer is below fair value. Don’t mistake their roughly 40% increase on the share price as a good deal for shareholders. I have an IV of $6.80 so I think it’s lopsided to the private equity firm. Good on them for identifying a company that is undervalued and offering a considerable amount more on top of the then share price. It will certainly have its desired effect of getting shareholder approval. Unfortunately I’ve seen this happen to a number of the companies I hold over the years. It’s not just my current IV either as I think this should be worth in the double digits in 3-4 years if noventus and wellbeing worked out well. What’s your IV? Maybe it’s in the low to mid $5 range. I suppose the deal falls into the “beauty is in the eye of the beholder” depending on your IV.