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Technology Stocks : General Lithography

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To: LLCF who wrote (442)	7/7/1997 11:55:00 AM
From: Ian@SI	of 1305

David, Re SVGI and Infrastructure guesstimate of takeover premium: SVGI has a poison pill in effect. I doubt that Papken D. T. will give the Micrascan potential away for free. An incremental $1-$1.5B annual revenue within 2years will take the price well above $29 a share. ...if it happens. With a PSR of 2, the increment alone could add more than $100/share ( $3.0B / 25M outstanding shares). It would be interesting to see Carl Johnson's rationale for believing that SVGI has a fair takeover value of $29. Does one have to ignore both book value(the past) as well as Micrascan prospects? Best regards, Ian.

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