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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (16736)	4/2/2003 8:21:20 PM
From: Paul Senior	Read Replies (1) of 78516

Jurgis Bekepuris, I'm still holding CE. Sorry to report though that my initial purchases were a bit higher than FDC's buyout price. And I didn't add enough CE when prices were lower to make the position profitable now. I'll likely wait a bit to determine if I want to be an FDC stockholder. CE closed at $12.44. IF offer goes through, CE holder gets .4 FDC stock per CE share, and so values CE today at (.4 x $34.79 =) $13.91. I read there might be some question as to regulatory approval of the deal; CE management though seems to be very confident of it getting done. I might consider buying more CE at current price just for this spread. If anybody here has any interest in doing this, let's post on "Arbitrage Plays" thread.

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