Vodafone-Airtouch (NYSE: VOD) Message Board

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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)

VOD 14.65

-0.4%

Jan 30 9:30 AM EST

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To: Art Bechhoefer who wrote (2143)	11/22/1999 8:41:00 AM
From: Chuzzlewit	Read Replies (2) of 3175

Art, I think there are two different issues here. What is best for shareholders in the acquired company can be quite different from what is best for shareholders in the acquiring company. The simple fact that VODs bid is considerably higher than the price of Mannesmann's shares ought to make the deal a 'no-brainer' for Mannesmann shareholders if management were acting in their best interests. After all, unhappy shareholders of the acquired company can always sell their shares at a huge profit if they do not like the combination. It is not so simple for shareholders of VOD. Like you, I do not believe that bigger is necessarily better. In fact, the companies that result from friendly takeovers tend to under-perform mergers where the takeover is hostile because, at least in part, entrenched management remains in the former case, but is generally replaced in the latter. But those of us who may own VOD shares and are unhappy with the acquisition will be forced to sell at a substantially reduced price. TTFN, CTC

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