Not necessarily because you are forgetting that often times a company is worth more as part of a bigger company than standing alone.
For example, Exxon has spent hundreds of millions on publicity about eir alternative fuel efforts. They flushed $700 million down the drain working on Algae biofuel and got nowhere. This same type of cash could be used as a premium above and beyond the intrinsic value of JBII.
Too many are thinking of buyout like clothing chains merging that only focus on the operations and not the other values that come with it such as, for example, massive possible tax breaks and positive publicity thats absolutely vital to the rest of their operations. How many billions BP spent on publicity to try to turn around their image? What if they became known as owners of the only self-viable green energy process?
Raw
Research & analysis on some of my favorite stocks is located on the sticky note on the SwingTrade board.