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Non-Tech : Cable Car Beverage (DRNK)
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To: Jake's mom who wrote (272)11/11/1997 6:07:00 PM
From: Anthony L. Califano  Read Replies (1) of 284
 
Looks like an arbitrager trying to take advantage of the merger. Normally, the arbitrager would vote yes because he would have shorted TRY. If the merger is consummated, he replaces his TRY shares with his converted DRNK shares obtained in the merger. This works well when TRY is below 24.5 (the high "collar"). If however, TRY's Average Price is above 24.5, he receives less TRY shares and could lose some money. So there's no telling which way this "ARB" will vote. But with TRY's high price lately, there's a chance he'll vote no. Or sell his DRNK shares and cover his short position and vote yes, no, or abstain since it wouldn't matter anymore.

We'll have to wait and see what the outcome is.
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