SAP A.G. Message Board - Msg: 5703879

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Technology Stocks : SAP A.G.

SAP 251.75

-0.1%

Nov 10 3:59 PM EST

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To: Ibexx who wrote (2493)	9/9/1998 2:37:00 PM
From: Sam Citron	Read Replies (1) of 3424

OTOT...More on CIEN meltdown (I would have sent this privately if you permitted that option) Birke has certainly committed himself to this merger in spite of the short term judgment of the market. Therefore he must say that he is still absolutely committed to the deal. He has given his word to Nettles as a businessman and can't be viewed as vaccilating. Besides, it is cheaper for TLAB if he maintains an unrealistically expensive conversion price and lets TLAB shareholders put the kabosh on the deal rather than TLAB management, which would invoke the walk-away penalty and risk the CEO's reputation. Birke stated that his strategy had defensive dimensions. He could use CIEN's photonics capabilities to beef up his equipment to do battle with LU and he would hate to see CIEN fall to a competitor like NT or UNPH. In a few weeks, however, such a scenario may become a possibility. I never did see CIEN surviving as a stand-alone. I wouldn't even rule out the possibility that LU or CSCO could make a bid. The rumor of same will probably provide fodder for the next bull move in the stock. Sam

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