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Technology Stocks : Telxon (TLXN)
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To: Tibor who wrote (366)12/17/1998 11:27:00 PM
From: John M. Gelnieau  Read Replies (1) of 378
 
Tibor,

Following the Board's rejection of the SBL bid at $40 in June, the company adopted (due to heavy shareholder pressure) an amendment to its poison pill which says that a bid above $40 cash or a bid 140% above the average closing price of the previous 20 trading days CANNOT be rejected by the Board.

It is my understand that it is 140% of 20 DMA or $40 (which ever is higher). Therefore, at this price it would be $40. However, that does not mean that SBL could be buying just short of the 5% limit at these depressed prices which would have the effect of lowering their offer to $38.50 thereabout.

My read on the poison pill so please see if you can confirm.
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