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Technology Stocks : Seagate Technology - Fundamentals
STX 278.47+0.9%3:59 PM EST
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To: Sam who wrote (1736)4/14/2000 5:07:00 PM
From: Gus  Read Replies (1) of 1989
 
I am pissed enough that I would rather see the deal fall completely apart and the stock go back into the 20s than see it completed. Hell, even back to the teens! I've waited this long, I can wait another year, no problem.

But Sam, if SEG goes down to the $20s or even to the teens then that makes their $5 cash bid look even better. One can even see their casual spin of free-falling Veritas coming a mile away -- "That's why we wanted to spin off the Veritas stake to the shareholders and we had to give the Veritas the other assets so they could protect their momentum stock from the expected dumping when 33%, or approximately net 109 million shares, move from ownership of one to ownership of many value-oriented investors." Surely they were aware that all those bumper crop of mid and late 1999 IPOs were going to have lock-up periods expiring this year effectively creating a market undercurrent.

My bet is that the shareholders' vote is iffy and will most likely squeak through in the LBO's favor so that leaves the SEC or the Appellate Court to establish more rules to add to the already large body of law regarding management-led buyouts. My guess is that they've already gamed the Delaware District Court to a high degree of confidence and are just focused right now on getting the vote done as soon as possible (June or July?).
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