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Non-Tech : BMC Industries
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To: RoadWarrior who wrote (345)7/1/1998 10:20:00 AM
From: jackhach   of 359
 
The directors implemented this poison pill in my opinion because 1) They want to protect their jobs/positions, and 2) because they have
something up their sleeves; otherwise why would they balk at the idea of a suitor coming along and paying a premium to the prevailing price?

They (the directors)must feel, at least ultimately, that this stock has legs -- legs that would see the company beyond that of a current or near-current buyout price. Although - having said that, it is a fact that a few insiders (directors) had bought substantial chunks of BMC before the recent price fall. Many in the mid to high teens. So therfore, you might say on on the other hand, the directors are assuming a potential suitor might not be willing to pay in the high teens for the company in its present state, whereas maybe the vast majority of current shareholders (including institutionals) would accept something far less in an effort to cut their respective losses (say in the lower teens.)

-JH
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