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Biotech / Medical : Munch-a-Biotech Today
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To: Biomaven who wrote (1593)10/8/2003 5:41:16 PM
From: Biomaven  Read Replies (1) of 3158
 
One of the things to think about are the busted converts sitting out there. This might discourage someone going after something like VPHM - they don't want the debt on their balance sheet.

Note that even if the debt isn't payable immediately on an acquisition, the convert holders essentially take away part of the gain - their bonds go from something like 50 back to par. Thus you really have to use the par value of the debt in considering the current total market cap of the prospective munchee.

Peter
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