I agree with you but these deals don't come along every day. The...

I agree with you but these deals don't come along every day.

The defining characteristics of EV + SFI's situation:

SFI and NEA are the only two companies in the world with the technology to do cost-effective, regular wide-area aerial imagery. NEA has proven that doing multiple captures a year, sold on a subscription basis, creates new markets.

NEA has been in the US almost 4 years now and offers a superior product to EagleView. Hence EagleView needs SFI's technology just to maintain their business in the US.

EagleView has recently taken on investment from Clearlake which suggests they have expansion plans (I'm making the assumption they're not simply losing money in the US because I don't believe this is the case).

So sure if you had bought in at 5c, 8c is a nice return.

But why wouldn't you try to extract more value out of EV given that SFI is the only company with the technology EV needs (other than NEA)?

Especially when the current bid represents ~$121m purchase price, and the global market for aerial imagery is already well over $1bn annually. https://www.psmarketresearch.com/market-analysis/aerial-imagery-market