RE:CNH to buy RAVN for $2.1 Billion -- The Race is on.That is big news indeed, and yes I would agree that the consolidation war is on especially amongst OEM's that lack internal capabilities. CNH has quite a broad range of applications that extend beyond agriculture so this acquisition makes sense for them on a number of fronts.
I still think an OEM like a Kubota or Mahindra could be very interested in acquiring AJX. Arguably AJX revenue is worth more on a like for like basis given the much more significant margin contribtuion (RAVN gross profit of 35% vs. AJX at 45%-49%) and the fact that most of the non-R&D operating costs could be striped out of the business + patents that could be used to block competitors from using the technology should an acquirer chose to pursue that path. So an 8-10x on AJX 2022 revenue is possible which could put a price around $2.00 - $2.60 assuming ~US$26mm in 2022 revenue (yes that's based on my forecast).