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Microcap & Penny Stocks : ABTX - Agribiotech
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To: John S. Baker who wrote (7116)1/23/1999 3:20:00 AM
From: Z man  Read Replies (3) of 8359
 
Wish I knew more about ....

Trading today was quite unusal. There was HEAVEY support at 12. My guess was either it was
1.a group of shorts who decided to cover
2. it was a rejected bidder accumulating stock.
3. Friends of company supporting the stock.

I came to the conclusion that it could not be short covering because the selling was really heavy. Why cover at 12 when the stock could easily have slid today to high 10's.

For it to be friends of the company they would have waited til Monday.

Therefore my reasoning leads me to believe it was a rejected bidder looking to accumulate stock either expecting to make a quick profit or in preparation for a bidding war. Taking this thought further, Company "x" was told it's buyout bid of say $27 was too low and not accepted. Company "x" then decides rather than up it's bid it will accumulate shares to sell to the highest bidder or wait see what the highest bid is when it's announced. Thus keeping the option to openly start a bidding war. Either way they win.

After tonite's ABTX press release, they have the best scenerio. Monday they can accumulate at lower prices and make a hostile bid in the future, say before the annual meeting. The shareholders right now are so upset with JT it might be very easily pulled off. Soro's, Fidelity, Wisconsin, etc. hold a pretty large piece and a double of their money in one year ain't too shabby.

Any Thoughts....

Regards
Zman
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