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Biotech / Medical : wla(warner lambert)
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To: john dodson who wrote (919)12/27/1999 5:07:00 PM
From: John Romeo  Read Replies (1) of 942
 
John,it's obvious that WLA mgt and BOD are out to save their jobs. A PFE takeover would leave top mgt jobless as I understand the situation. I agree dumping the WLA Board would be shooting us in the foot. Install a PFE BOD and they could dictate less favorable terms to shareholders? Hasn't the WLA BOD done that already!! That would really deal a blow to shareholder representation and be highly improper and fraudulent. However, do WLA shareholders still have to vote on approval of the deal? If so, I am sure no shareholder majority would vote for a smaller offer, than was previously offered. If the new WLA BOD had sole and final decision on that matter then we would be screwed.
I think the best of all worlds would include the current WLA board and an irresistable offer of 3 to 3.5 shares, which NO BOD could turn down.
If AHP is considered out of the deal at this point why isn't the stock price appreciating to levels prior to the deal announcement? I understand the whole sector has taken a hit lately,though AHP should rebound some if investors truly think they are out of the deal and would not be issuing new stock to create American Warner. In my opinion AHP is ready and willing to up its offer and is simply keeping its options close to the vest as this whole game works out. Why tip your hand until you need to?
JR
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