takeover, page-3

Check out the balance sheet and cashflow. They're burning cash and have little to show for it. Low deal flow, with too much of their former income from one-offs, not repeat user fees.

That said, if I was thinking of bidding (you know, had a few hundred mill lying around), I'd be vibing 'we're not going to bid' so to help the price down. A lower bid will, then, look good given the current price. I'd be surprised if it came in much higher than $1 given its position and the position of the finance industry...