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Strategies & Market Trends : Arbitrage Plays

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To: Paul Senior who wrote (212)	4/5/2000 1:31:00 PM
From: Keith J	Read Replies (2) of 376

I sold KROG after the reduction announcement was made, and at least at this point it looks like the right choice. Still holding DENT at this time and unsure whether to hold or sell. Regarding HERBB, if they can't complete this deal, IMHO everyone ought to consider moving to 100% cash. Last year, before taxes and compensation to the majority shareholder (Mark Hughes), Herbalife earned over $100 million. The company has over $100 million in cash. They need to raise less than $350 million to take the company private, even leaving the $100 million in the company. IMO DLJ has a lot riding on getting this deal done in some form, and the numbers just seem way too easy to finance. What's amazing with the bond market right now...even with solid economic growth, even with interest rates falling substantially, and even with government offerings shrinking....that raising debt remains a problem. IMHO this is a major red flag about where things are heading. KJ

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