Hot? C'mon, don't be such a kidder. Deal delayed, lead underwriter bailed.
RECENT NEWS
7/2/99 The company decreased its price from $10-$12 to $8-$10 and increased its number of shares from 3,000,000 to 5,000,000 and replaced Tucker Anthony as lead underwriter with CIBC World Markets; added US Bancorp Piper Jaffray to underwriter list.
5/7/99 The company was delayed. Lead underwriter Dain Rauscher pulled out of the deal, IPO is now to be lead by Tucker Anthony.
4/21/99 The company decreased its price from $12-$14 to $10-$12 and increased its number of shares from 2,905,000 to 3,000,000.
3/11/99 The company increased its price from $5 to $12-$14 and increased its number of shares from 2,905,000 to 3,000,000 and changed its symbol from NSII, NSIIV, NSIIR to NSIL and added Dain Rauscher as lead underwriter.
You wrote:
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What I find intriguing is that the current market cap of FIBR is only around 110 million, yet if the IPO goes through at $10 the market cap of the spin off (NSIL) will be 130 million. Either FIBR is worth nothing or it is undervalued.
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I'm sure more than a few people think FIBR is a bagel. Keep in mind that FIBR will own 3.3 million NSIL after the offering. Divide that by FIBR's 9 million outstanding, multiply by your $10 and toss in a 40% discount and you get $2.2 in NSIL "value" in each FIBR share. This is not a compelling backdoor play.
Looks like FIBR should be shorted, with impunity, heading into the NSIL offering (if it ever actually happens.)
<edit> Well, knock me over with a feather. I checked your profile and see you're active on the FIBR thread. Go peddle your "analysis" somewhere else.
drakes353 |
