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Biotech / Medical : Allergan Ligand (ALRI)
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To: squetch who wrote (12)8/28/1997 10:36:00 AM
From: Henry Niman   of 46
 
Farallon had a huge short position because they bought ALRIZ and shorted LGND. They can cover their shorts with stock contained in ALRIZ (using either stock from an ALRI call by LGND or exercising LGNDW). If LGND elects to call ALRI with stock, the lower the LGND stock price, the more LGND stock Farollon (or any other ALRI shareholder) would receive. Therefore, if stock is used, ALRI shareholders would benefit if LGND's price was artificially low (conversion rate is determined by LGND's price 30 days? before the call).
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