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Gold/Mining/Energy : JDS Fitel
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To: mariner who wrote (671)1/31/1999 8:41:00 AM
From: Technopeasant  Read Replies (1) of 815
 
In spite of the helpful lesson in high school math from reg, I still think the deal will work out to Uniphase price * .50855 * Canadian conversion. There is a lot of nice talk about the "merger of equals" but the news release specifically says the transaction will be accounted for as a purchase and the goodwill will be accounted for over a five year period. So, someone is doing the buying, and it is not a merger of equals under US GAAP. If someone is buying then something is being sold. The sale price appears to be expressed as a fraction of the share price of the purchaser.

I could be wrong, and frequently am, but I wonder if this spin on the purchase is being done to manage some ego problems. I suspect Straus had to be talked into this by Furukawa. I watched Straus and Kalkhoven together on CNBC and I can't think of a more unlikely pair to become Co-chairmen. Style and culture differences can quickly become dominant sources of friction. But then, there are some marriages which work well in spite of these differences.
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