IMO there's a difference between good companies and good stocks in the public market. A cheap price on an ok company can be a good investment; a high price on a good or great company can be a mediocre investment. Kind of the opposite of startups or other illiquid private investments (which largely have a binary outcome).
I'm starting to think they'll go out at $8-12 though.
Why? What would justify a premium over the after-hours $7.70? Wouldn't a savvy acquirer just wait another quarter or two to get a better price? What's the rush?
At the rate they are destroying value, it would seem more likely that they go out for much less than $8.