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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.01

-0.3%

Nov 14 9:30 AM EST

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To: Gregg Powers who wrote (13685)	8/14/1998 10:54:00 AM
From: Clarksterh	Read Replies (1) of 152472

Research on hostile takeovers over the last few years: I found 9 attempted hostile takeovers of companies: Pennzoil/Union Pacific (failed) CSC/Computer Associates (lawsuit but failed) Smithkline Beecham/Glaxo (failed) Northwest Airlines/KLM (lawsuit but failed) Echlin/SPX (white knight) First Interstate Bank/Wells Fargo (succeeded) Lotus/IBM (succeeded) ITT Sheraton/Hilton (white knight) Chrysler/Kerkorian (failed) In that list there is only one where I am reasonably sure that the acquisition target was forced to sell when they didn't want to, First Interstate Bank. Lotus knew they had to sell to someone, ITT is in the process of divesting itself anyway, and I don't know much about the Echlin situation. After doing this review, I would say that I am much more sanguine about a possible takeover of QCOM given that the board probably wants to stay independent. My biggest worry now is that a fight could get expensive and distracting. Clark

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