Jumping the Shark With DELL, ES and the Fonz
The problem is, there's been little other serious interest since the deal was announced. Part of the deal with Energy Capital included a 30-day period in which Energy Solutions could entertain other bids. That period expired Thursday. According to an Energy Solutions press release, there were 24 other potential suitors contacted, and just one entered into a non-disclosure agreement to evaluate the company.
The end result was no takers. It's hard to believe that ES will be taken out at just over book value. I'm not sure what the rush is.
In case you are wondering, Fonzie was indeed successful in his attempt to water ski jump over the shark; a bit more successful than Dell and Energy Solutions have been in "efforts" to extract value for their shareholders.
At the time of publication, the author was long ESFollow @JonMHellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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