After the close NAVI announced an acquisition offer from Time Warner for $5.50 per share. Congrats to all who have held on. I first recommended NAVI way back in June 2009 at what I believe was around $0.80 per share.

Even though the acquisition price seems fair based on recent comps (especially from NAVI’s recent divestitures), I still plan to hold onto NAVI even with the acquisition announcement. My experience with Fibernet Telecom showed that sometimes higher bids will come in, particularly when one is dealing with a hot sector. And it’s important to remember that only a short while ago the major shareholders at NAVI were offering to acquire the company for around $3 per share. So today’s offer is actually about an 80% premium over the last offer price. It’s still conceivable to me that other higher offers will come in, now that NAVI is truly “in play”.

With TMRK and NAVI now both gobbled up, the question, of course, is who will come next? My personal favorite remains INAP, which I believe will be acquired later this year as the company’s data center expansion shows traction.

Disclosure: Affiliates of Envoy Global Research, and its principals, own shares in NAVI and INAP. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise.