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Strategies & Market Trends : The Rational Analyst

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To: HeyRainier who wrote (1701)	10/26/1999 11:37:00 AM
From: Scott H. Davis	Read Replies (2) of 1720

Rainier, Dave & All: Question on a pending merger price that may be an opportunity. VVID is going to be acquired in Jan by PKI (EGG up to today) in a deal where VVID holders will get a PKI share for every 6.2 VVID shares. Problem is there is a major discount currently. VVID is at 5 3/16, PKI is at about 40, thus the pending value for VVID is $6.45. I realize that there is the risk of the acquisition not going thru as well as overall market declines, but 20% seems too much discount. PKI has had several tech acquisitions the last 2 years, so they appear to know how to do DD & close. They have also been appreciating materially this year. PKI just announced a qtr that materially beat expectations & they announced that they expect to be above the next qtr estimate. biz.yahoo.com another release about their direction & history biz.yahoo.com So the question is, does this represent an opportunity? 20% appreciation potential over 3 months is a pretty good annual rate. (I hold VVID, not PKI at this point, having bought in a couple weeks before the merger announcement) Please let me know what you think. Thanks Scott

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