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Technology Stocks : Intersolv News
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To: Ian Burton who wrote (937)6/30/1998 10:54:00 AM
From: Arrow Hd.  Read Replies (1) of 1069
 
Ian, thanks for the reply. One thing I am confused on is the split.
Do the ADRs trade for four times the UK price? Also, most of us here
dont believe that MIFGY is paying too much since we feel that ISLI
will be in the 20s on its own sometime later this year or early next
year so MIFGY is not paying up much at all and it gives them a truly
strategic partner. But your point that MIFGY has more sustained
earnings performance is certainly well made though MIFGY sells at a
higher multiple too so maybe that is taken into account. I have read
the Compaq announcement and it is hard to quantify the value but it
certainly is a strategic alliance with Compaq and Digital both being
leaders in their field. The Digital deal was made more for Digital's
services business. Quietly, Digital has developed a very highly
regarded services business and it has probably the highest customer
satisfaction of any of the services providers. As far as being a
hardware company it is not the same as it was in the late 80s when
"DEC had it all" and was selling at over 200 per share but there is
still an important niche hardware business for their proprietary
hardware and operating systems and now linked into Compaq with a
very important services business to drive integration not only will
ISLI get business from this OEM deal but will get visibility into
large customers who have employed Digital strictly for their services
expertise and may now look at ISLI products through Compaq and
Digital for other platforms. So it could have far reaching
implications for both ISLI and MIFGY because this deal now introduces
MIFGY into the Compaq/Digital world and they werent there before I
would assume. So this is why strategically this acquisition is so
important to both firms. It was announced as a "definitive"
agreement so it is important for both firms to reconfirm their intent
and for MIFGY to have the AGM and put to bed the uncertainity. Of all
my positions this company (ISLI) baffles me more in so many ways.
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