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Technology Stocks : Nokia (NOK)

NOK 6.370

+2.2%

3:52 PM EST

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To: samim anbarcioglu who wrote (4603)	5/7/2000 10:39:00 AM
From: Wyätt Gwyön	Read Replies (1) of 34857

I could be paid such an outrageous premium for my shares that I would jump at. $400 - 500/share comes to mind. Ain't gonna happen. At $109 3/4 a share, QCOM has a market cap of $81.3 billion. A $400-per share acquisition price would value QCOM at $296 billion--an amount exceeding NOK's current market cap of $262 billion. QCOM was a takeover candidate a year ago, or eighteen months ago (Jacobs has said that was his big fear when the market cap was less than $5 billion). If Intel or somebody had made a hostile bid at that level, it would now be viewed as a stroke of genius. That did not happen, and I don't see why it would happen now. There is too much risk for the acquirer. Because QCOM's share price rose so rapidly, any prospective buyer would look like a Jonny-come-lately idiot. If a takeover were to happen, I believe it would be a few years down the road, when QCOM has had time to consolidate its enormous valuation gains and has a more stable price. At its current price, any reasonable premium (say above $200 a share) would make this the largest acquisition in history. So not likely, IMO.

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