Under normal market conditions it is a matter of assessing the...

Under normal market conditions it is a matter of assessing the probabilities of a deal completing and positioning accordingly. We are not under normal market conditions, especially in the smaller end of town. I'm sure other posters could point you to a number of stocks that make no sense right now.

The scramble for liquidity is resulting in a lot of opportunities. It usually better to be a provider of liquidity in dislocations like these.

RNC has been a bottom drawer stock for years...there are probably holders who have no idea there is a sales agreement in place. The sellers have their reasons, but I doubt it is because they think the deal is likely to fall over. Buyers have disappeared across the market.

I agree bb, even if the deal falls over the offer has created a reference point for the underlying valuation going forward. Cashflow generation and assets with stable yields in a deflationary environment (interest rates are headed down) will be the next "rare earths" and "graphite". Soon we will see HC posts with "TLS is so hot right now!"

RNC stock is still a dog with fleas, but Rental Express has given it a wash and one of those cones. I put adoption at 90%.