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Biotech / Medical : Biotech Derivatives
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To: RWReeves who wrote (391)9/15/1999 4:47:00 PM
From: LLCF  Read Replies (2) of 555
 
Further response:

<(there will never be a tender) without Genzyme spinning it off or getting bought out itself?>

IMO this is the essence of the difference, it won't get sold unless 'general' wants to sell... and therefore you can't force management to do things that may be possible in other companies by resting control.

The rest of this is the same as any other company:

< And we can't get at the doggone cash flows because it won't come out a as a dividend.>

<The Retained Earnings are only of value if you can somehow get at them- At least in my experience, companies that retain 'em don't always do so for the best interest of the shareholders and that's when the shareholders have to be able to vote and say , "Thanks, No" in a variety of ways.>

< has been claimed to trade at about 1/2 to 2/3 of real value simply because of the lack of voting rights->

IM experience your concern usually comes up with high cash flow companies where some raider from florida has purchased a controlling interest and is sucking the cash out into his boats and condo's while leaving the minority shareholders to suck wind and try to sue. Hardly the case here, the company absolutely cannot legally take any more than their alotted share of cashflows, etc.

DAK

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