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Non-Tech : Morrison-Knudsen (MRN)
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To: Paul Weiss who wrote (16)7/1/1996 4:57:00 AM
From: Ira Vine   of 27
 
I think WAS is a bargain. It is getting a company 5 times its size, by diluting its own shares in half. I think WAS did a few hundred million in business last year, while Morrison still has a $3.5 billion dollar backlog. If the combined company earns a decent return, WAS should be at least $20 if not $30 a share. I think the only reason that WAS has not bid up is uncertainty over whether the MRN problems were specific to that company, or indicative of an unprofitable industry. However, I got some WAS after teh deal was announced, and will buy more if there is any indication that the new company will be profitable. However, I note that some MRN shareholders have filed a suit to hold up the merger, unless they get more in return, so I will have to wait and see where this leads.
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