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Technology Stocks : PairGain Technologies

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To: BWAC who wrote (27562)	12/9/1998 11:42:00 PM
From: Rainmaker	Read Replies (2) of 36349

I'm reading the following: 1/10,000 share of Series A will cost $55.00 ==> $550,000 for 1 (ONE) share of Series A. This places the takeover premium at $3.575B. But assuming all Series A are exercised on a takeover agreement, the premium surges to $7.15B, exclusive of any share price premium. Numbers based on 65M shares (72M - 7M from buyback). Paragraph 3 of the release indicated that the Right becomes exercisable by virtue of a person or group acquiring 15% or more of PAIR outstanding common stock. When this occurs, common shareholders will have the opportunity to exercise through a mandatory announcement. On this news, wouldn't everyone exercise as many rights as possible to automatically double their investment? This is how I read this plan. BTW, the Board can just as easily remove this plan on FRIENDLY merger terms. Also, this poison pill protects the LONG-TERM investor who sees the real value of PAIR. The daytraders are having a field day with the stock. Manipulation is extreme. Just look at the average volume over the past 2 months: from 1.6M to 3.2M. Shake out the short-term money, let the traditional INVESTORS come in. My 2 copper Lincolns.

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