Doug,
Sorry, if I was envisaging any technological break-outs I would be in the
lab breaking them out. I'll leave that to the P.hD's. Anyways, growth in
applications and opportunities for lasers is not necessarily a function of
wavelength.
I just think all this doom and gloom is being overdone. If it's obvious that there's
no growth ahead in the laser business, why would another company pay
a premium for COHR's assets? A fire sale cannot create shareholder value,
it can only liquidate it. You could liquidate it yourself! If you're holding on, you're
implicitly assuming the market is being more pessimistic than would be a
potential buyer who knows the industry.
I guess you're saying that the whole would be worth more than the sum of the
parts of this new entity -- that is, synergy, economies of scale and all that. Well
I guess, but that still assumes there's growth to be had in the industry. Since
Coherent is already the biggest player in the industry, why don't they do the
consolidating?
You said "The fact that COHR"s Medical Div. lost its market share indicates it is facing severe competition. " I wasn't aware that anyone said they lost
market share. Isn't that jumping to conclusions? Where did you hear this? They
do a lot of business in Asia, and their products recently became a whole lot more expensive to the populace of these countries with suffering economies.
Not exactly a recipe for booming sales. It sounds like some big mistakes
were made, and heads are still rolling, but I don't see why that necessitates
putting up the for sale sign.
The street will always continue to over-react to whatever the last sound bite
was. I couldn't care less what the street thinks. I want value for my money,
and I think I'm getting it.
Andrew |
