Most people who follow them think it would make a lot of sense for one of the big boys to acquire them. Take Symantec for instance. Between Blue Coat 1 and 2 and the Symantec lawsuits, they could be on the hook for around $200M all by themselves! Symantec paid $4.65B for Blue Coat. Wouldn't it make sense for them to buy Finjan for a paltry $230M to make all three lawsuits go away and control the intellectual property all their competitors are using. 23M outstanding shares makes this a $10/share buyout. Yes, an argument can easily be made for that value. Then take Cisco that owns 7.5% of the outstanding shares already. A few hundred million is a drop in the bucket to them. They have stated publicly that they want to make a big push into software and away from their hardware business with an emphasis on security software. Finjan ended up with the top Cisco people and it would make sense for them to bring Finjan back and seamlessly fold them into their cybersecurity division. Cisco has their eye on Symantec and they would want to prevent Symantec from owning the IP and control it for themselves.
Then there is FireEye, Palo Alto Networks and half a dozen others who would greatly increase their enterprise value with the Finjan intellectual property portfolio.
I don't tell people what to do with their own money, but I know I'm not jumping on the first offer if there is one. I believe there would be a bidding war and the multi-billion dollar behemoths of the industry would pay more than "fair value" to control the IP portfolio. Are you listening, Finjan? Even if you have no intention of selling, just a PR saying you hired XYZ firm to determine if there is interest and at what valuation would triple the price overnight. A $29M market cap is ridiculous.
There are many potential events to raise the price many multiples and with around $65M in the pipeline to be collected PLUS more lawsuits and licensing prospects... how could there be downside from here?
