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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: John Romeo who wrote (5970)1/26/1999 10:08:00 PM
From: mod  Read Replies (4) of 6136
 
John,

As long as WLA is between $64.52 and $74.00 on the dates used to set the price, each share of Agouron stock will be exchanged for $60 of WLA. Period, no chance of anything better. They adjust the ratio to arrive at $60 exactly. The only way AGPH shareholders get more (or less) is if WLA trades outside those boundaries. If WLA is above $74, we get .8108 of WLA and if below $64.52 we get .93 shares of WLA.

This is a bad deal for AGPH shareholders who have believed in the company, for management to sell at a low price just as the profits start rolling in, the stock price starts rising, and the pipeline is filling up. Someone will make a lot of money off of Agouron's research, but it won't be us anymore. Even if you hold the WLA stock, the AGPH contribution to sales and earnings is a mere blip on their income statement.
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