Here's a wild attempt to explain what we've seen thus far.
1. IBM was at least interested enough to have serious discussion
w/ NOVL about takeover. (PCWeek's confirmation from both companies
that IBM was interested).
2. Something didn't go quite right, say NOVL was probably asking
for much more $ than IBM is willing to pay. This is coupled with
the fact that EVEN NOW, the BOD, CEO & assistant gophers still
want to be independent and show that they _really_ can turn this
mother around.
3. IBM is ready to walk on the offer. So, what do they do?
Just have a "high-ranking exec" say something to all but kill
the deal, but that doesn't quite close the door. In short, it
sends the message to NOVL that IBM's serious about walking. It's
sort of like a last chance for the powers @ NOVL to accept. If
no dice, then we'll hear Eric sing that all too familiar song
tommorrow about "we're not for sale, never have been ... blah,
blah, ..."
BTW, I really _cannot_ imagine IBM being serious about buying
NOVL, and Mr. Thompson not knowing about it. He's either blowing
smoke or there really isn't a deal.
Sure it sounds wild, but that's what I'm thinking now. I'm real
interested in hearing other explanations.
Good Trading All,
John Dodson |
