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Technology Stocks : General Magic

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To: dgurgel who wrote (8035)	2/14/2000 2:16:00 PM
From: Mark Oliver	Read Replies (1) of 10081

<Nice valuation - $850 million for onebox.com. GMGC at $20 per share would be $850 mil.> Think that looks good, calculate the value of Phone.com and you'll really get excited comparing to GMGC. I think the important thing is looking at the kiretsu mentality of these companies. Probably the VC in both these companies share a lot of names. They tend their grass very well. Phone.com IPO's last fall for about $7 a share and now they're $115. Amazing currency this stock can be when building a company. They were also good enough to float a secondary that raised billions, but they are still hoarding cash and buying with shares. How can GMGC compete against this? But, you are right to look at a deal like this and say GMGC is worth more than $10. But, how much of the premium One.box got is based on the inflated value of PHCM? I also wonder if PHCM went shopping and made a great offer for GMGC which Steve turned down? How open GMGC has been to a deal we'll never know. Regards, Mark

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