well, take est earning for 2010 - .78 times industry average PE gets us to 11. Add a generous takeout premium and you're there.

ADG was trading at 28 a few years ago and a takeout of 20 would still be a capital loss for those unlucky enough to buy the top.

Consider it this was: How likely would you have thought a quick 100% return in a few weeks was back in the summer?