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Technology Stocks : Seagate Technology - Fundamentals
STX 282.93+13.0%1:47 PM EST
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To: Mark Madden who wrote (1713)4/11/2000 3:45:00 PM
From: Robert Douglas  Read Replies (1) of 1989
 
Mark,

Good to hear that the Seagate shares can't be voted. I was beginning to think that this too (the share buyback) had been part of the master plan to fleece the shareholders.

I wish you still had your shares to vote.

If the spread between the deal price and the price of Seagate widens much further (about 10% presently) I will buy back the shares with a partial or complete hedge of Veritas short. In this case I will vote against the deal.

I didn't do this originally because a hedge might have just turned long-term capital gains into short ones (a short sale is always short-term capital gains) if Veritas had plunged.

Now, with the stock lower, I would either get a nice arbitrage or a sweetened deal if the present offer is defeated. The best outcome, I believe, would be to get rid of the Veritas and become shareholders in the new Seagate.
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