Blank Check IPOs (SPACS) Message Board

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Technology Stocks : Blank Check IPOs (SPACS)

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To: Glenn Petersen who wrote (1093)	8/4/2007 5:31:52 PM
From: alan moore	Read Replies (1) of 3862

Glenn, I believe that EHHA filed their S-4 on July 27th. My take on the filing was that EHHA was buying XLNT for about $5.50 per share. If you were to take WOOF as a comparable company and the EHHA managers are able to realize the same or better operating margins (approx. 15-20%), then EHHA should be trading in the $8-10/sh range. This assumes EHHA's clustering strategy is able to improve upon WOOF's traditional hospital business and does factor in the fact that their hub hospitals will also do higher gross margin lab work. I think that the EHHA shares are properly priced (includes a no-transaction discount). However, I am surprised to see that the warrants are still trading at such a large discount to the underlying shares (approx. 43%). The market must think that the transaction won't close by March 2008 (18 months + 6 months). Regards, Alan

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