Looks like ASF had the right idea in his post below"ricky, from...

Looks like ASF had the right idea in his post below"

ricky, from reading a few articles in the AFR, it wasn't that CSG rejected the offer- it was that NEC pulled out, due to overseas NEC executives being concerned about Europe. Meanwhile private equity (Lockheed Martin et al) wanted parts of the firm- the technology services business (in itself estimated to be worth $240m - $260m), but CSG didn't open the door for that, as they waited for the offer for the entire company, which didn't arrive. Here's a link to one article in the AFR, written at the end of January (for members or take a free trial):

http://tools.afr.com/viewer.aspx?ATL://3c544ed0-4622-11e1-bc21-bdb07cc5c382§ion=tools

So, what is also happening now is that a major shareholder, TDM (6.4%) wants a seat on the Board, and the Chair of CSG, Mr Czyzewsky, has refused that, so TDM is lobbying other shareholders to get the seat. TDM wants to open the door for other offers that may arrive in the future.

CSG is now $142m market cap. Add say $75-$80m debt, and the whole show could be bought for the value of the technology services business, and that includes a takeover premium. Now the problem is that the SP and market cap is so distressed that any offer would be seen as opportunistic, so CSG is going to have to meander back up the share price path. The CSG market, though, seems angry, and selling off in disgust, so sentiment would be at its lowest point. I've watched the market try to bring this one back up after the failed takeover bid, and I reckon at some point it will represent astonishing value.

Good luck, holders. "