George: How come we have not heard from you in the last month? Does that mean you are satisfied with the new no collar (upper or lower) deal. Now it is .66 share of BORL for each OPEN share. This is of course better than .913 when BORL traded at about 6-7, but now Borland is trading at 9 and (hopefully) moving up to 13 (ML's average buy) and higher. Look what you did to BORL's shareholders with your movement to cancel the deal. You forced management to listen to you, and thus remove the low collar, but then BORL had to agree with OPEN's management that without a bottom collar, they should get a better ratio (their story, ya, we told you we are having some temporary troubles, but you guys (BORL) did not correctly anticipate how much time and effort it will take to launch Delphi). You see, as a result of your efforts Open's shareholders will get 30% more than what you wanted to give us all along, particularly that by the time the merger will go through, BORL will be above 13. You should have listened to my advice and buy some OPEN shares (I did) you would have been guaranteed 30%. I think that by the time the deal goes through BORL could well be in the 13 -15 range and thus a possible greater than double for those that listened to that advice about a month ago.
By the way, if you think that share holders, like you and I, have real influence on the affairs of these companies, I have a bridge in Brooklyn I would like to sell you. In these cases, you just roll with the hits, and try and see if there is any way to make money off the situation (such as the arbitrage situation I pointed then). The gap has almost completly collapsed now with BORL at 8.6 and OPEN at 5.6.
Good luck.
Zeev |
