Last week, Ryan Morris made a preliminary offer to buy InfuSystem (INFU) for $1.85 to $2.00 per share, subject to more due diligence and financing. The board granted permission to continued due diligence but let Morris know that they viewed his offer as too low.
When the offer first came through, I was pretty upset as I was still doing my research and accumulating my position. I was convinced the market would see the offer for what it was (an opening bid) and price the share price at least at the bottom end of Morris's range. So it's astonishing to me that shares continue to trade below the bottom end of the offer price ($1.85)....
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