Hi Adam. Yes, The May EGAN price was projected from the price at the time I posted. I was trying to provide a hasty answer to someone on the Yahoo thread where I could not post the same numbers as easily. If there is interest here or suggestion for improvement I can clean it up a little.
Column 3 "20 da avg" is the moving average of the EGAN close (column 2) for twenty consecutive trading days up to and including the one just to the left on the same line.
Column 4 is conversion ratio =#shares of EGAN to be exchanged for each share of INFR held. The calculation is ($53.906*0.9*0.1865)/(col.3 from 3 days prior). The 0.9 is from the plus or minus ten percent collar. The (col.3 from 3 days prior) is found offset three lines up in col.3 from each line for col.4
Column 5 is "INFR Implied" by the formula if the exchange occurred after close of trading of the most recent complete day.
Column 6 is "INFR actual close" or in the last instance was the current price at that time.
Column 7 is act/impl or the discount or premium from the moving target of the implied INFR price.
Column 9 is EGAN /the 20 da avg of the three day earlier period. I included this just to get a feel for the price fluctuation relative to the "calculated average" as it also reflects another uncertainty in the final value with which INFR shareholders have to contend.
The current day (posted prior to today's close) and days following where a simple projection of the price at the time though the rest of a potential period of time as if the price were to remain constant.
Ref:
EGAN S-4 filing 4/12/00 at
freeedgar.com
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Q: When do you expect the merger to be completed?
A: We are working to complete the merger as quickly as possible. We hope to complete the merger by the end of June 2000. Because the merger is subject to various conditions, however, we cannot predict the exact timing of the closing of the merger.
Q: As an Inference stockholder, what will I receive in the merger?
A: It depends on the price of eGain common stock during the time shortly before the closing of the merger. If the average share price of eGain common stock in the applicable measurement period before the closing of the merger is between $48.516 and $59.297, each share of Inference common stock you own will be exchanged for 0.1865 shares of eGain common stock. For example, if you own 10,000 shares of Inference common stock, you will receive 1,865 shares of eGain common stock. You will receive only whole shares of eGain common stock. You will receive cash for any fractional shares.
Q: What if the average share price of eGain common stock during the measurement period is not between $48.516 and $59.297?
A: If the average share price of eGain common stock in the applicable measurement period before the closing of the merger is less than $48.516, then the exchange ratio of 0.1865 will be recalculated to equal (0.1865 x $48.516)/the average share price. For example, if the average share price in the applicable measurement period is $30.00, then the new exchange ratio will be equal to 0.3016 calculated as (0.1865 x $48.516)/$30.00. Similarly, if the average share price of eGain common stock in the applicable measurement period before the closing of the merger is greater than $59.297, then the exchange ratio of 0.1865 will be recalculated to equal (0.1865 x $59.297)/the average share price. For example, if the average share price in the applicable measurement period is $65.00, then the new exchange ratio will be equal to 0.1701 calculated as (0.1865 x $59.297)/$65.00.
Q: What is the measurement period used to calculate the average share price that will be used to calculate the final exchange ratio?
A: The measurement period used to calculate the average share price for use in the exchange ratio formulas is the 20 consecutive trading days ending on the third trading day prior to the closing date of the merger. The share price for each trading day will be the closing price of eGain common stock on the Nasdaq National Market for that day.
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