I think a long/short PDII($2)/DRAD($4.28) trade could be a winner here...
PDII's 78-year old founder John Dugan owns a 32% chunk of the stock and Heartland Advisors has a 19% block. I find it hard to believe DRAD would have put forward their takeover approach without having a soft commitments I hand from both those blocks that they would vote for a deal. If so, who cares if management says the company is not for sale, DRAD can put their bid up for shareholder vote and move ahead that way. Management has a paltry 7% of the stock and can't block anything, really.
I totally agree DRAD is overvalued, hence the short side of the trade...
Time flies like an arrow; fruit flies like a banana.