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Biotech / Medical : IVAX, Generic Giant

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To: Mark A. Stang who wrote (156)	4/4/1997 2:11:00 PM
From: James Silverman	of 212

I think BBC just got cold feet because they (or their SH) didn't want to keep the deal in light of the discount in Ivax's post-merger trading price. In effect, to consummate the merger BBC would have had to pay a "premium" above market price for Ivax. =========== This is absurd rationale. I think it could have been for financial reasons-perhaps in their added due diligence they felt their post merger assumptions were invalid or too high. Perhaps they heard from customers who would have been leary to deal with them given their vertical integration. Perhaps it was a control issue. The discount in IVX shares was from investors worried that the deal was not likely to consummate.

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