Hutchinson Technology Inc. (HTCH)

[Snooze]

An excerpt from the deal announced 9 months ago:
November 2, 2015 8:09 AM
TDK Corporation ("TDK") and Hutchinson Technology Incorporated (Nasdaq: HTCH) jointly announced that they have entered into a definitive merger agreement under which TDK will acquire all of the outstanding shares of common stock of HTI for base consideration of US$3.62 per share, plus additional consideration of up to US$0.38 per share, depending on the level of cash (subject to certain adjustments) less any outstanding borrowings on HTI's revolving line of credit ("net cash") held by HTI as of the last day of the fiscal month immediately preceding the closing date. The amount of additional consideration, if any, will equal approximately US$0.01 per share for each US$500,000 of HTI's net cash over US$17.5 million as of the measurement date. As of September 27, 2015, HTI's net cash position was approximately US$40 million. In addition to the satisfaction of HTI's outstanding debt, the merger values HTI's equity at approximately $126 million to $140 million on a fully diluted basis.

If one of their main competitors was willing to pay $126 -$140m of CASH for the equity, then it's very likey to be worth that much ... Not the $67m market cap it's currently trading for... IMHO