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Biotech / Medical : Delta & Pineland Co.

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To: glen who wrote (32)	5/11/1998 4:38:00 PM
From: Harry Ehrlich	Read Replies (5) of 67

I know one trader that believes this is not over yet. He feels that Novartis or DuPont will try to block the move with a better offer. They are the remaining players. There is speculation that DuPont may try to buy Monsanto, which would eliminate DuPont as a bidder. This leaves Novartis. I spoke with someone at investor relations at Delta. They are extremely pleased with the deal and the board of directors has approved it. The main reason for accepting is based on the fact that DuPont and Novartis are not in to cotton. They are years away from getting into cotton. Monsanto has worked with Delta and is ready to get into cotton right away. There is a clause in the deal that would allow Delta to walk away from Monsanto (with penalties) if a better offer was made. So there is the possibility that Novartis might offer a better deal. I feel this is a speculative hope, at best. But it is possible and a reasonable amount of open interest in the May 45 calls seems to indicate that others think so as well. My own feeling is that all options at 45 and above will most likely expire worthless. More possible might be some upward movement in Monsanto's price, which would ease the pain somewhat for recent (high) buyers of DLP. Harry

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