This column was originally published on RealMoney on Sept. 6 at 2:00 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.Often when activist shareholders get what they want, share prices immediately reflect it, which is why I like following these stories. The latest example comes from Computer Horizons' ( CHRZ) planned merger with Analysts International ( ANLY) -- a deal I
- A high price is being offered for Analysts.
- Analysts' business is deteriorating.
- If Computer Horizons stock is undervalued (as management has claimed), why isn't the company buying back its own shares? Seems like a less risky way to create shareholder value than overpaying for Analysts.
- The company has a history of missing guidance. Is the $15 million cost-cutting achievable?
- The company didn't look at all available options.
- Management and board own very little shares and bought very little in open-market transactions.