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Strategies & Market Trends : Arbitrage Plays
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To: Topannuity who wrote (332)6/27/2001 11:07:07 AM
From: Allen Furlan   of 376
 
Top, don't follow your statement. Lower collar is 15 per share(4.25/.2833). CNTL has to drop below 12 for deal to fall below 9.6 ((9.6-6.25)/.2833=11.82) Cash helps support price at lower levels of stock price and we need only 4.25 in stock value to reach 10.5 overall. Thus a breakeven is protected down to a 50% decline in current 24 price. If deal completes and cntl is above 15 the annualized yield is (.9/9.6)*4=37% How did you calculate?
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