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Biotech / Medical : Respironics

RESP 50.79

+0.2%

Jan 26 3:00 PM EDT

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To: Thean who wrote (59)	1/12/1998 9:15:00 PM
From: Andy H	Read Replies (1) of 103

I have not received any materials. I, too, wondered if they contained anything to be concerned about. As to the price of HDTC, it is pegged to RESP at a ratio of .92-thus, HDTC will trade at about an 8-10% discount to the RESP price. The $24 price mentioned in the merger announcement was based on a $26 RESP price. I believe that if RESP trades at an average price of 20 for a certain number of days, HDTC can back out of the deal. These terms will be in the proxy statement we receive. If and when RESP returns to $26 or better, we will make our $24 price or better. I am anxious and would like to earn that return on a $24 price and employ the capital elsewhere, but will give it some time through the earnings as long as 19 holds. At 18, I may bail.

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