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Non-Tech : U S FILTER (USF) A Water Stock !
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To: Carl R. who wrote (90)9/22/1997 12:03:00 AM
From: Wade   of 361
 
Carl,
CUNO still has to prove if it worth the current price in the next several Q's. I can not compare CUNO and USF, becasue they are completely different companies. There are only a few filter companies around. USF need filter companies, but filter companies does not need USF. Why? Because of the filtration companies are using very different technologies to survive. It is just a different industry which USF does not understand. That was why they toss a bone without meat to Memtec. It was an insult. I hope USF show some respectful gesture to their prospectus targets.

There are a few possibilities for consolidation of this industry. Cuno can merge with either Mentec, or CUL or MIL. Any of the merges will benefit them. The best merriage would be either Cuno with Mentec or with MIL. You can see filter companies does not need USF. USF wants them. That is one sided deal. USF is a super market of water business. I doubt USF can find any cheap deal in this filter industry. Other water businesses are so scattered and under valued that was why and how USF found good deals. But, not at here, IMHO.

CUL is open for acqusition two weeks ago. Cuno was just spun off from TEC. There is a regulation that Cuno can not acquire or being acquired within two years of the spin off from last September. That is why I said Cuno is safe for another year. Currently, the best two targets for USF are Memtec and CUL. Memtec is a better pick....but may cost them big bucks. $35 is not even close, IMHO.

Sincerely,
Wade
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