Wenzel reply to Perlus letter.....LOLOLOLOLWhy a re*****ble firm such as Raymond and a highly credited special committee would insist on including precedent transactions that were miniscule at best coming in at 3 and 16 million dollars as far back as eight years ago is beyond me. I still maintain an EV/EBITDA of 6.6x is fair and reasonable and (after detecting a math error in my previous calculation for which I will postpone whatever I can) I feel $2.85 a share is reasonable buyout price based on precedent transactions.
It's also hilarious that after Raymond has recalculated their valuation upwards by 9 cents a share they still insist that $2.25 is a fair buyout price. Really Raymond? Normal people would think that the buyout price would go up by 9 cents. I have certainly seen this happen in the past. But then, I'm not Raymonds client am I.