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Strategies & Market Trends : Arbitrage Plays

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To: Allen Furlan who wrote (183)	2/28/2000 2:28:00 PM
From: Robert L. Jacobs	Read Replies (1) of 376

Allen: Do you understand the timing during which the arm wrestling would take place for a renegotiated price in the CTZ/FNF deal? I am assuming that, since the average price for the FNF stock over 30 trading days up through the 2nd trading day prior to closing isn't known until the end of such period, final negotiations may not take place until just prior to the closing. Is that your understanding of how mechanics would work? I also recall the recent FNF earnings release said they still need approval of 2 states' regulatory agencies. Presumably, a closing date cannot be set until such approvals are in hand. This could certainly make for an interesting last minute game of chicken. Do you agree with my assumed timing? RLJ

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