PSFT - Fiscal 1998 - Discussion for the next year Message Board

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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year

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Oct 29 5:00 PM EST

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To: The Player who wrote (4129)	1/7/1999 12:30:00 AM
From: Chuzzlewit	Read Replies (3) of 4509

Culture and synergy aside, there is no impediment to the merger because of size. IBM has a market cap of around 175BB, PSFT around 5 BB, IBM shares are selling at around $190, so paying an extra 5BB (making the buyout price of around $43) would hardly dent IBM shares. That would imply a conversion ratio of roughly 4.6 PSFT for 1 IBM. Remember, this is all done with paper -- no cash changes hands. It would be interesting to see how this could be justified as a pooling of interests acquisition. CTC

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