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 ES

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Jonathan Heller, CFA, is president of KEJ Financial Advisors, his fee-only financial planning company. Jon spent 17 years at Bloomberg Financial Markets in various roles, from 1989 until 2005. He ran Bloomberg's Equity Fundamental Research Department from 1994 until 1998, when he assumed responsibility for Bloomberg's Equity Data Research Department. In 2001, he joined Bloomberg's Publishing group as senior markets editor and writer for Bloomberg Personal Finance Magazine, and an associate editor and contributor for Bloomberg Markets Magazine. In 2005, he joined SEI Investments as director of investment communications within SEI's Investment Management Unit.

Jon is also the founder of the Cheap Stocks Web site, a site dedicated to deep-value investing. He has an undergraduate degree from Grove City College and an MBA from Rider University, where he has also served on the adjunct faculty; he is also a CFA charter holder.

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