British Pete / Amoco Merger Message Board

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Non-Tech : British Pete / Amoco Merger

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To: Lincoln Landis who wrote (23)	9/8/1998 6:16:00 AM
From: pae	Read Replies (2) of 29

And even when you think you understand ... you still have the mystery spread... From Friday's close: AN=47.9375 Amoco last trade via BMI BP=76.875 BP ADR last trade via BMI 3.97/676.875=50.86525 Computed AN theoretical conversion value 50.8625-47.9375=2.928 Mystery spread. Due to arbitragers @beach? 2.928/76.875100=3.8 Spread as % of BP ADR: cost of arb capital? Lincoln, the above represents my best understanding of the conversion. To state it slightly differently: 100 Shares AN Starting U.S. Stock position. 1003.97/6=66 shares BP ADRs + a check for 0.167(value of BP ADR) So I agree with your .66167 figure. Sorry I didn't give you a better response earlier. Sometimes my life interferes with my ability to endlessly surf the web... :-)

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