NetFrame Message Board - Msg: 1592277

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Technology Stocks : NetFrame

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To: Daniel Meyers who wrote (67)	6/14/1997 9:10:00 AM
From: mike mccann	of 91

I'm glad I wasn't holding NETF when the takeunder announcement came out. I would have already been counting my money when I saw Micron's name in the headline, then had a heart attack when I saw the amount of the tender offer. Something's fishy here. NETF has a book value of over a dollar. I don't know how much fluff is in that but there are some intangibles which should have some value: how about customer base? Wouldn't that be worth something? But you have to assume the Board was looking for interested buyers and $1 a share was the best they could do. So what happens next? Since the Board signed a letter of intent, I don't believe they can consider anyone else's offer. There's little insider ownership, but are the rest of the shareholders going to turn down a dollar a share, especially if the stock has dropped to 5/8 or 3/4? Micron's got a lot of money, and I'm sure they utilized the right kind of outside assistance in coming up with a minimum offer that had a high probability of sticking. But this really confounds me.

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