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Strategies & Market Trends : Value Investing

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To: JRH who wrote (8616)	10/12/1999 4:35:00 PM
From: peter michaelson	of 78741

Using my rather dim memory of my days in the buyout business, I think that public investors can be forced out only at percentage private ownership higher than 50%. The number varies by state of incorporation. I seem to remember that Delaware was 80%, but not sure at all. Usually, a buyer-outer will make a tender offer for all of the shares not already owned. Of course, not all the shares are tendered. Lots of people just throw away their mail, etc. Then they get on the phones to remind folks. The offer has to be high enough that they buyers will garner sufficient shares to effect the forced merger. The forced merger is how all of the remaining shares are brought into the fold. peter

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