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Technology Stocks : Ascend Communications (ASND)

ASND 207.04

+0.7%

3:59 PM EST

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To: gerard mangiardi who wrote (33313)	2/5/1998 12:19:00 AM
From: Roadkill	of 61433

>>What would be interesting is if one of them made an offer, would the other start a bidding war?<< I'm not a securities lawyer, but I vaguely remember a little bit of this stuff from law school. When the Board of a publicly-traded company decides that the company is up for sale, the company/Board goes into what the lawyers call "Revlon Mode", referring to a famous Delaware case involving (you got it) Revlon. In any event, once the Board decides that the company will be sold, it has a fiduciary obligation to the shareholders to entertain other relevant offers. The Board does not necessarily need to take the highest offer, but it has an obligation to maximize shareholder value. All this is kind of a long way of saying: I have no doubt that a bidding war of sorts would break out if ASND began to seriously consider a buy-out offer. Would it drive the price through the roof? I doubt it, but it may be worth an extra $2-$5 bucks per share. MHO, of course. Matt

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