On the answer of how much would Martha Stewart the business accept in a takeover, it's important to note that Martha Stewart the person owns more than 25 million shares of the company. While that's a minority of the 57.4 million of the total shares outstanding, nearly all of Stewart's shares are unlisted, class B shares, which carry 10x voting power. While some could speculate that a 73-year-old Stewart might be motivated to sell and retire from day-to-day activities, the majority of the voting control and her legendary business sense lead us to believe that a potential deal would likely need to be near the double-digits (offer around $10 per share). Martha Stewart wasn't our largest position in the model portfolio, but our two most recent trades had been buys in May in the low-$5s after having previously sold around $6.50 in March. If a deal is going to materialize, it will likely be above the recent 52-week high of $6.72. We already had published a $7 price target and recently sold shares at higher levels, so there's little risk to us now in waiting to see if a deal goes through.