Is Gateway (GTW) a buy here?

Shares of Gateway Inc. (NYSE: GTW) soared on Monday when the company agreed to be acquired by Acer for $1.90 per share. The stock closed at $1.85 on Tuesday, a spread of a little less than 3% below the expected closing price.

According to TheStreet.com, there may be more to come. Senior writer Alexei Oreskovic cites an unnamed source who claims that the deal has an out for Gateway if it can find a superior offer, and Chinese Lenovo would appear to be a possible contender.

While the Acer deal presented a huge premium over the stock's most recent closing price prior to the announcement -- more than 50% -- it's actually lower than the stock was trading as recently as May. Even with the deal, there are still a lot of shareholders underwater, and that could spark a shareholder rebellion of sorts. Gateway is in the early stages of a turnaround, and I know many investors had a long-term target much higher than $1.90.

Shares of Gateway, at their current price, may represent a low-risk speculative opportunity. The worst-case scenario (barring something really bizarre) is that you can tender the shares for $1.90 when the deal closes. If another bidder emerges, there could be tremendous upside.