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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 665.67

-0.9%

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To: j g cordes who wrote (36073)	2/4/2002 9:09:14 PM
From: Johnny Canuck	Read Replies (1) of 68069

Some stock are approaching the levels we saw at the end of September. Given that was a sell at all cost situation, we are at least starting to see value appear again. As a indication of this, the LTD offer to by back the IBI shares it spun out might be a trend if the current market conditions persist. ********************** Monday February 4, 5:59 pm Eastern Time Limited Offers to Buy Back Intimate Brands COLUMBUS, Ohio (Reuters) - Retailer The Limited (NYSE:LTD - news) said on Monday it was starting an exchange offer to regain full control of its subsidiary, Intimate Brands Inc. (NYSE:IBI - news), the owner of Victoria's Secret brands. The company said it will make an exchange offer by which it would acquire all the outstanding publicly held common shares of its 84 percent-owned subsidiary. The exchange offer will commence on Feb. 5, and is scheduled to expire on March 11. All public IBI shareholders will be offered 1.046 shares of Limited common stock in a tax-free exchange for each outstanding share of Intimate Brands Class A common stock. Based on Monday's New York Stock Exchange closing prices of $17.50 per share for Intimate Brands Class A common stock and $17.75 for Limited common stock, the offer represents a value of approximately $18.57 per Class A share of Intimate Brands -- or a 6.1 percent premium. The 1.046 exchange ratio represents an 8.8 percent premium to the 0.962 average ratio of Intimate Brands and Limited closing stock prices over the past year. It also represents a 6.3 percent premium to the 0.984 average ratio of Intimate Brands and Limited closing stock prices through the past six months.

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