News: ELO ELMO Software Confirms It Conducted Exploratory Discussions On Change Of Control Proposal, page-2

Price drop seems like an over reaction.
if the deal at $6.10 did go through it would have offered excellent returns for 95% of investors.
the directors are clearly acting in the investors interests by entertaining discussions with external interest.
be greedy when others are fearful…. IMO
what the rest of the market is doing? Who knows…