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Technology Stocks : Mattson Technology

MTSN 3.600

0.0%

May 12 5:00 PM EST

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To: John Stewart who wrote (3273)	1/31/2001 8:57:11 PM
From: ELH1006	Read Replies (1) of 3661

John and Ian, I believe this is correct as to getting Steag for basically net book value. When the deal was cut in the spring of 2000, Mtsn's stock was in the mid 35's. Steag (the parent company) was obviously not happy by the large decline in the price of Mtsn but this became less relevant when compared to the sector in general as all stocks had been beaten to a pulp. Steag really had no other options if they wanted to sell as whoever bought them would have had a depressed stock price. On the other hand, if this would have been a cash purchase rather than stock, the deal would have never come together as Mtsn, or anyone else for that matter, would have been foolish to pay such a huge premium for the stock in such a down market. As I have mentioned before, there will be very little goodwill, if any, and there could actually be negative goodwill when the final accounting is sorted out. We shareholders got a great deal in this merger and Mtsn will have one of the best balance sheets of the group plus a very viable operation. There will be substantial cash and working capital inside the shell with no debt. Eddie

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