IF THERE WAS AN OFFER.... and they could get 6 times EBITDA ($70 million), that would amount to $420 million less $235 million of debt would leave $185 million plus working capital of ~$30 million for shareholders fully diluted for a price per share of ~57 cents, which considering their considerable debt level would in my opinion be all they could get, unless they could convince a purchaser to pay a higher multiple than 6 or utilze a higher EBITDA than $70 million.
Given where that share price currently is, I for one would be pleased with an offer in this range.
Just because there is a quite period I would not necessarily assume M&A is in the works but it would be nice if it was.