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Strategies & Market Trends : Value Investing
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To: Bob Rudd who wrote (8613)10/12/1999 1:53:00 PM
From: jeffbas   of 78744
 
Bob, on NH I am talking only about the pre-Case period. In fact, once I heard rumors that NH was going to buy Case, I looked at the price of Case added a premium, said that is too much, and sold NH at $17. I think Mike did too.

I agree with what you said but would put it differently. I see mergers of similar companies where the acquirer is paying a much higher valuation on the acquired company than its own stock is selling for as
a transfer of hard assets to the target's shareholders in exchange for good will. That goodwill, in this situation, is only good for its full value when things work out perfectly, which is a minority of the time.
I don't like those kind of odds.
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