Regarding a takeover offer.The key figure to look at is the cash...

Regarding a takeover offer.

The key figure to look at is the cash flow. The last annual report showed 57 cents per share. That means the current SP is a ratio of approximately 5/1.

If we put a value of around 8/1 on the company then we could be looking at a value of over $4. I think that $3.50 is a fair price that leaves plenty of cash flow.