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Technology Stocks : Seagate Technology
STX 288.00-2.0%4:00 PM EST
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To: DJBEINO who wrote (7357)11/29/1999 1:09:00 PM
From: Mark Madden  Read Replies (2) of 7841
 
---CORRECTION---

I wrongly stated on a SEG thread that Seagate could be buying their own shares as a defensive move. If they could vote the shares they purchased, it would be difficult for an outside company to get 50% approval for a board change or tender offer.

I talked to SEG investor relations today and found SEG can not vote the shares they purchase. If there are 208 million shares outstanding, 104+ million votes will be a majority. SEG is actually making themselves more vulnerable by taking stock off the market. It requires less stock to have a majority and control of the company.

Perhaps the management has considered a leveraged buyout by their managers and directors. This would make the company privately owned by a few people. The process would require a tender offer but they can save costs if they buy more shares now at today's prices.

Regards,
Mark
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