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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: Doug R who wrote (20536)8/13/1998 10:01:00 AM
From: TCTexas  Read Replies (1) of 79284
 
PFSCF

Doug,

I also wondered why this did not move any higher. In early trading this has reached 13 1/16 but is having trouble with it.

I could not find anything definitive that would cause doubts on the ability of RLT to complete this purchase. The only hint I could find might relate to some of the RELTEC language included below:

The merger will be consummated following receipt of normal regulatory approvals in Canada and in the United States, and the successful completion of a public tender offer for all of the common shares of PFS. Pursuant to the terms of an intervention agreement with RELTEC, Positron Inc., PFS' largest shareholder, has agreed to tender shares representing 27 percent of PFS' current shares outstanding to RELTEC in its tender offer. RELTEC will commence the public tender offer within the next fourteen days and expects the transaction to close in the fourth quarter of 1998. The tender offer will be subject to various agreed and customary conditions. The transaction will be accounted for as a purchase. In connection with the merger, RELTEC expects to record a one-time charge to write off acquired in-process research and development, estimated to be in the range of $90 million to $130 million. Excluding one-time charges, the transaction is expected to be slightly dilutive to earnings per share in the fourth quarter of 1998 and slightly accretive to 1999 earnings per share.
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