I would agree that based on the current balance sheet and...

I would agree that based on the current balance sheet and forward trading outlook 75c would way under-value this company. In fact I believe that the current price is below fair value.

Or at least, all of that would be true except for the track record of the guys running this business. This board is running UXC as a M&A vehicle. That works well for them because they get their money in ways not directly connected to their shareholdings. But operating that way suppresses growth and profitability and diverts returns away from the shareholders.

If the takeover fails I expect that you will see the share price back below $1, maybe even below 90c. There's considerable skepticism about UXC's management, which is why the share price has been so flat for so long. If you look back over the last three years you'll see a pattern of promising financial outlooks being crushed by a new acquisition, and the share price trending steadily downward as the market gradually loses hope of any benefits ever being allowed to flow through to the owners of the company.