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ITEX commences tender offer

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Guest fedcep

Thanks for posting. This is a good sign.


Assuming shareholders tender 100% of the allocation, I come up with an EV/2012 EBITDA of 5.6 (versus 3.9 at $3.4, before the tender offer). This is still below the 6 to 8x EV/EBITDA that I think ITEX is worth, which would imply a share price of about $5.2 if they do end up repurchasing the million shares.

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