Speedfam [SFAM] Lovers Unite ! Message Board

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Technology Stocks : Speedfam [SFAM] Lovers Unite !

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To: Mr. Sam who wrote (3733)	8/12/2002 8:47:19 PM
From: SemiBull	Read Replies (1) of 3736

Welcome back Mr. Sam! Today's news was no shock to me to say the least. Mr. Hill leaving the Board was the final clue for me - and hence I have been adding on the dips - though I honestly thought they'd take another quarter to make the deal happen. I had intended on adding a wee bit more shares on the dips through the summer. Regardless, I hope many people following the thread took advantage of Hill's departure in some way to make a couple of dollars in an otherwise bear market. To the buyout itself, it is good fit for NVLS and nice new home for SFAM. The only remaining question is the pricing. At a ratio of 0.1818, some might question whether NVLS got the better end of the deal. As Farley holds quite a bit still, I can't imagine this deal not going through....nor can I imagine him not obviously having a considerable say on the pricing of the deal. A good analysis of the pricing of this deal will take a bit longer for me to digest, but it was within what I generally expected. Given the recent slide and more pushouts in the sector, perhaps SFAM had a little less leverage. One good model for this deal suggested to me has been to examine how much SFAM will add to NVLS' top and bottom line in '04. By '04 the sector will hopefully be in the midst of another upcycle, giving NVLS 4+ Qs to integrate SFAM and really go toe-to-toe with AMAT. SFAM has been quite good to me - it would have been a gem if not for the bubble effect on the market - and so it in a way it is a day for just a little sentimentality. SFAM was the real reason I started using SI way back in '96. And thanks to Mr. Sam's insightful analysis, I found SFAM to be a great tool for analyzing companies to invest in - even if it has been a long while since we saw it trade at $50+/share. Best wishes to all.....SemiBull

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