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Biotech / Medical : American Home Products AHP

AHP 10.38

+0.3%

Apr 23 5:00 PM EST

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To: Sijian Zhou who wrote (96)	6/4/1998 6:21:00 AM
From: TideGlider	of 169

The purchase makes sense. The downgrade was because the price was capped by the merger. RESEARCH ALERT - Monsanto downgraded NEW YORK, June 2 (Reuters) - Salomon Smith Barney said it lowered its rating on Monsanto Co. to outperform from buy in the wake of Monsanto's proposed acquisition by American Home Products Corp. (AHP - news). -- Monsanto shareholders would get 1.15 shares of the combined company for each Monsanto share. -- The Monsanto rating was reduced because, under the terms of the deal, Monsanto's potential upside is capped by American Home's share price, the Salomon Smith Barney analyst said in a research note. -- Monsanto shares were off 1-1/2 at 52-7/8 in late-afternoon trading. American Home was off 1-9/16 at 47-5/8. TG

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