RE:RAVEN Q3
Just for fun, if you run a simple acretion/dilution model then RAVN could potentially pay up to $2.25 to $2.50 today for AJX and have an acquisition make sense from their shareholders perspective. This doesn't factor synergies/cross selling they could achieve (that would take a potential bid price closer to $2.75 IMO but then they would pay max value which I'm not sure they'd want to do). A $2.25 to $2.50 price would see modest accretion to RAVN 2014 but much more benefit going forward that would justify the acquisition.
So yes RAVN is today in a position to put a substantial bid forward, and one they could likely justify to their shareholders, even at a high acquisition premium. But would they? That's a more challenging question to answer.