You're correct, but I don't think you're accounting for corporate opportunism. A buyer/partner/financier may arrive at their own valuation via the process you outlined, but that just establishes what they are willing to pay. If a target is deeply undervalued with sustained pressure on the SP, they will try their luck and see what they can get away with, linking their offer to a "premium" to the current SP. At that point it's up to management to negotiate true value, which as you outlined has been done well by LTR.
I'm not saying that this is the case here though, and I'm hopeful that JZ's comments indicating that any deal will be non-dilutive are true. Only a month or so to wait anyway and all will (re: should) be revealed.
AGY Price at posting:
47.0¢ Sentiment: Buy Disclosure: Held
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