Unfortunately, the buyout offer isn't much higher than the stock's May 2010 price, so for some investors this investment could be considered a failure. In the interim, however, the price fell to about half of it's buyout offer price. So for those investors who stayed patient or added shares when the market was pessimistic, this investment was a fantastic success.
My outcome was somewhere in between. I did buy a good chunk more shares as they fell near the $1 mark, but I also sold out after the price rise that followed the Longkloof offers (which topped out at $1.75/share).
There were a lot of tops and turns in this company over the last two years. Business operations turned south, buyout offers were received and rejected, the CEO was fired for cause, and board members bickered over which of them is more shareholder friendly.
Each of these events left me scratching my head as a shareholder: When should I give up? Should I buy more? Should I buy back in? These were all very tough questions for me, which made me think maybe I should stick to simpler situations. While I don't feel very good having not owned some shares as this latest buyout offer was announced, I remember feeling relieved to have been able to exit this company when I did.
Good luck to the guys tasked with turning this thing around!
Disclosure: No position