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Biotech / Medical : CGNE CALGENE

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To: Howard Henick who wrote (53)	4/1/1997 1:39:00 AM
From: Exacctnt	of 76

Howard, What lawsuit? What is the premise for filing a suit? If you remember or look at Calgene's charts listing stock prices, before the offer was made Calgene was trading around $5 per share. In effect, Monsanto's offer already contained a premium. In fact if Monsanto hadn't stepped in those employee options would be worthless anyway. Besides, I'm sure key personnel would be granted options for Monsanto stock to keep them from leaving in mass. Calgene's problem was that they were not generating enough sales, i.e. cash flow, to keep them going. Monsanto stepped in when the oppurtunity presented itself. If not Monsanto, some other company would have. Also, Calgene is not the same company that it was before the offer. Monsanto has folded in some of its affiliates with Calgene as part of the deal and holds the purse strings. I don't mean to imply that Calgene would have gone bankrupt or out of businsess. No, I believe Calgene would have struggled and had problems and delays in developing their product pipeline. Such problems would provide competitors time to catch up or surpass any technological leadership Calgene might have. Regards

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