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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: sim1 who wrote (5968)1/26/1999 9:50:00 PM
From: mod  Read Replies (2) of 6136
 
No chance of a thumbs down by shareholders. Here is what happens in a stock merger: All the institutions (who own as much WLA as they want to already) will sell in the next few days. Arb firms will buy this stock at a discount to the merger price and short WLA stock to lock in their spread (profit). The voting record date will be set some months off in the future, when much of the stock is being held by the arbs. All the arbs care about is that the deal goes through. They all vote in favor, therefore the deal will be approved.
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