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Technology Stocks : PRMO - Premenos
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To: Trey McAtee who wrote (234)10/30/1997 11:33:00 PM
From: John Galt  Read Replies (1) of 240
 
Harbinger closed at 29 3/8 today, giving Premenos a value of $13.22 (.45 x $29 3/8) a share. PRMO closed right in line at 12 3/4. Subtract PRMO's $5 per share in cash and that works out to buying PRMO for $8 a share. Gee, what shrewd dealmaking on the part of Tim Dreisbach and Lew Jenkins. True, they couldn't forsee the market turndown, or the negative reaction to HRBC stock, but at this valuation, there is a real chance that this deal might unwind, or at least it should if PRMO shareholders have any say in the matter.
If anything, PRMO shareholders should block the deal at these levels. HRBC's stock has to rise another 5 or 10 dollars to make this a fair deal for PRMO stockholders.
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