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Technology Stocks : Winstar Comm. (WCII)
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To: Steven Bowen who wrote (5500)4/27/1998 11:10:00 AM
From: James Fink  Read Replies (2) of 12468
 
<<I like it, and think WinStar got a good price.>>

Are you nuts? This constitutes massive dilution of WCII shareholders. As if there wasn't enough dilution anyhow! Studies show that companies that make purchases with shares instead of cash UNDERPERFORM the market over the next six months. The reason? The companies that decide to use shares as currency do so because they think their stock is overvalued. If they thought their stock was reasonably priced or undervalued, they would use cash instead. Companies that make acquisitions with cash OUTPERFORM the market over the next six months.

In addition, WinStar's timing couldn't be worse. ARTT is much more expensive now than it was only back in January. If WinStar was to do this deal, it should have happened in January when ARTT was selling for $8. Instead, WinStar waited and now is paying more than twice that amount. Your false prophet Bill Rouhana really bungled this one!
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