Gemstar Intl (GMST) Message Board

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Technology Stocks : Gemstar Intl (GMST)

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To: tekboy who wrote (3225)	7/3/2000 11:12:38 AM
From: JH	Read Replies (2) of 6516

Subject: TVGIA + GMST merger The conversion discount is currently at 19%. The market is signalling the following: 1) that the level of uncertainty for the merger is high. Historically, the discount have peaked at 20% before reversing. This happened at the beginning of February, beginning of April, and NOW, at the beginning of July. There seems to be a pattern here... (The discount narrowed to around 3% in Feb/Mar. In Apr/May, the discount narrowed down to around minus 1%) 2) that the arbs who were long TVGIA and short GMST have been either reversing their positions, or adding to the "short TVGIA long GMST" positions The upshot: if you believe that the merger still has a decent chance of consummating, this may be a pretty good time to sell your GMST and replace them with TVGIA.

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