Remember Gateway?

During its most recently completed quarter, Gateway swung to a loss, as its gross margin level was cut in half to 5.5% from 10% a year earlier.

In February, CEO Wayne Inouye unexpectedly resigned and Chairman Rick Snyder took over on an interim basis. Six months later, the company still hasn't appointed a permanent chief executive.

In his letter offering to purchase Gateway's retail business, Hui said the PC maker lacks a sense of urgency. Its failure to appoint a new CEO "has left Gateway in a position where it is unable to clearly and credibly articulate its strategy direction to the market."

Most importantly, wrote Hui, Gateway needs to separate its retail business from its other business, as each requires different sales strategies and has different margins and business models.

Current Analysis' Bhavnani notes that Gateway's retail business has a lot of potential. With 70% of Gateway's retail PC models currently sold in Best Buy stores, Gateway has lots of room to expand the business by striking deals with other retailers, he says.

The diversification also would make Gateway much less vulnerable.

"If Best Buy pulls one's shelf spot, that is going to significantly impact Gateway's revenue," says Bhavnani.

Whether Gateway opts to shake up its retail business through Hui's offer or on its own remains to be seen. The company said Wednesday that it is "reviewing" Hui's unsolicted bid with the help of its legal and financial advisers.

For the first time in months, though, Gateway has once again captured the Street's attention.

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