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Technology Stocks : Intersolv News
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To: charger who wrote (908)6/18/1998 3:02:00 PM
From: Narotham Reddy  Read Replies (1) of 1069
 
MIFGY dumping continues..

(ISLI) 17 1/2 +3 Wall Street clearly did not like the announcement
that Micro Focus Group will buy Intersolv in stock swap of 0.55 shares
MIFYG for each share of ISLI. Bottom line is that the total price was
too high. To fix this, just dump MIFGY and the total price comes down.
The press release of last night pegged the total transaction at $534
million, but with MIFGY at 36 and dropping, the total price is now
calculated at $453 million. Nevertheless, buyers of Intersolv are
still tentative as they keep a full 15% discount from the current
transaction price (0.55 times 36 = 19.8). The combination of the two
companies will still be primarily a software tools company and should
not be viewed as a new "powerhouse Y2K" company.
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