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On a somewhat positive note, all of those shareholders who bought strictly on a takeover possibility are washed out. ABTX will trade strictly on fundamentals, a novel approach in today's market. JT, et al, are licking their wounds. I am giving them a lot of wiggle room because of their relative inexperience in dealing with investors. I will pull the plug when any hint of fraud is revealed. So far, this is not the case. Also, a "strategic equity partner" does not mean a suitor, as many have assumed. The whole merger mania that has enveloped ABTX has been way overdone, IMO. In fact, I was hoping they would stay independent as long as possible. But, keep in mind, this does not preclude any company with presenting an offer. It's just that ABTX will not be the initiator. How can they attract top notch talent (which they have done) if they are on the chopping block? Would you join a company if you knew they were going to be acquired? Three months is a lifetime in today's investment environment. Longer term, I think shareholder value will be maximized by staying independent. But, as evidenced by the price today, a price horizon longer than a few months does not justify buying the stock. Perhaps they should start selling seeds over the internet and change their name to "abtx.com." According to today's mindset, it would be a great value worthy of a stock price in the triple figures! It's all psychology. Remember, when you buy or sell, the investor on the other side of your trade has an opinion that is different from yours. My opinion is definitely in the minority. But, longer term, I think ABTX will be vindicated. |
