A Discussion re. Memory: MU CY TXN ALSC IDTI ISSI etc. Message Board

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Technology Stocks : A Discussion re. Memory: MU CY TXN ALSC IDTI ISSI etc.

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To: Maui Jim who wrote (134)	7/21/1998 12:36:00 AM
From: Daniel Mc Cranie	Read Replies (1) of 138

Jim, John Marren was a great analyst and, I'm sure, a fine banker. But his statement regarding the 'vulnerable' companies (i.e., those with revenues less than $2 B and with their own fabs) being candidates for acquisition seems, considering his new position, more like wishful (and perhaps, self-serving) thinking than a reality-based analysis. The large houses (Revenue > $2B) tend to look for 'Intellectual Property Specific' acquisitions, as opposed to the broad product offerings of some of his vulnerable companies. In addition, many of these 'vulnerable' companies have VERY healthy balance sheets and have a strong diversification program of their own...which involves acquisitions. I think that a more likely scenario with the fabbed mid-sized companies is a combination of make-sense acquisitions, joint ventures, product and market diversification, and partnering with foundries to defer some of their process technology and capital equipment expenses going forward.

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