Part of me thinks so too. If I wanted to buy this company, I would make sure it sinks to as low as possible - perhaps even down to the 20 to 30c range, in order to buy it around 50c.
It's really not worth over $150m market cap. a 70c takeover would indicate a $200m market cap - far too expensive on $2m EBIT!
Someone is building a stake, page-122
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