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Gold/Mining/Energy : mxp (mesa Inc)
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To: Bryan Arnold who wrote (267)4/11/1997 11:35:00 AM
From: George Mc Geary   of 394
 
Bryan, Bryan, Bryan, Spelled it right hugh!

I have been through a lot of these mergers, buyout and the like. Right now I have TNCR being taken over by KLAC @ 1:1 (started 1/14/97) and PGN being taken over by ENE who knows when. The ENE / PGN has been going on so long that I can't even remember the ratio or when they announced the take over.

Should you want to take advantage of any weakness in PDP you mignt consider the following. Don't know if I will do it as yet. I want to see what happens in the next week to both stock prices, market and what comes out of MXP. I really do not feel they can pull it off in the short time of two months. They have to send out proxies and hold their meeting then they must also set up Pioneer, get stock registared and listed. Really think we will still have MXP shares in another 8 weeks.

PDPIE 30 1/8 25 Sep 5 1/2 5 7/8 here is your option if you want to speculate on PDP it will cost you 3/4. You might want to wait for a few days. If this market goes any lower PDP might get to the mid 29 range.

We have taken the hit to $5 and will not recoup for some time. If I am right on the 7/1 @5 then this will work. You also said that the deal will be done in two months, that makes it B-4 June expiration so if it doesn't work in June you will have till Mid Sept on the option.

Sorry, but still think the spread is the time differential, plus the down market conditions. Still feel that MXP will not be trading below $5 when the critical time comes for the pricing of the offer.

We are all in this together so we will just hang together and make the best out of it.
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