CR - Turtle Beach falls 16% after Q4 results despite takeover speculation

Turtle Beach (NASDAQ:HEAR) plunged 16% after a Q4 results despite some new takeover speculation for the maker of videogame headphones. Turtle Beach is reportedly working on an auction of itself and is using two bankers from BofA, according to a TheDeal.com story, which cited sources. One source claimed a deal could happen within the next two to three weeks. The stock drop and earnings/guidance disappointment come after Turtle Beach Corp holder Donerail Group, which has made several attempts to purchase the company that were rejected, on Wednesday said its dropped its bid to buy the company and plans to nominate a full slate of directors to the board. The potential proxy battle comes after Donerail, which owns a 7.4% stake in Turtle Beach, in December made a revised $32.86 offer for the gaming headphone maker, down from Donerail's original $36.50 bid from the summer. Turtle Beach (HEAR) didn't immediately return Seeking Alpha request for comment on the takeover

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Turtle Beach falls 16% after Q4 results despite takeover speculation