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Technology Stocks : TLAB info?
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To: John Carragher who wrote (2138)2/17/1998 11:49:00 AM
From: Chuzzlewit  Read Replies (1) of 7342
 
To The Thread: Analysis of the Merger

According to the data I have available, the dilution to current TLAB s/h's is minimal. Following is the analysis:

As of Friday CCSC was selling at $32, and had 15.364 MM shares o/s for a market cap of $500.288 MM.

As of Friday TLAB was trading at $57.94, and had 186.544 MM shares o/s for a market cap of 10,808.359 MM.

Therefore, the combined market cap on Friday was $11,308.647. CCSC shares will be converted into .72 TLAB, so the deal will add 11.256 MM new shares, for a total of 198.8MM shares. Dividing the combined market capitalization by the number of new shares yields a value of $57.17 for shares in the combined company. All other things being equal, the value of the stock should have dropped by about 7/8.

I hope this analysis is helpful.

Paul
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