Lam Research (LRCX, NASDAQ): To the Insiders Message Board

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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders

LRCX 231.01

+8.3%

Feb 6 9:30 AM EST

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To: MrCash who wrote (1808)	2/13/1998 8:38:00 PM
From: Michael Payne	Read Replies (2) of 5867

Here's a wild idea (and PURE SPECULATION on my part). What if AMAT were to make a stock offer for LRCX. At a 30% premium to current prices (admittedly low) AMAT would have to only issue about 10% more shares than it currently has outstanding and they would get control of better than 2/3rds of the etch market (maybe Bagley is packaging such a deal by getting LRCX out of (some) CVD and flat panel and taking the write-off in advance). I don't know the cultures of the two companies - and I'm sure Bagley didn't leave AMAT just to come back this way - but, we know AMAT uses downturn to gain markets through acquisitions. I hope there is someone who can throw cold water on this if I'm off my rocker, plus I'm not sure what the FTC would think of AMAT getting such a large share of the market.......... but there it is.... FYI: If anyone noticed, LRCX got a private debt placement late last year of $300 million so they've got some staying power through (at least part) of the downturn. I wondered why they did it - I bet they're glad they did. Bagley and Johnson (CFO) must have seen the writing on the wall (or in new orders)....

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