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Non-Tech : NovaCare Employee Services (NASDAQ:NCES)
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To: Steve Baker who wrote (294)3/10/1999 10:59:00 PM
From: Todd D. Wiener  Read Replies (2) of 376
 
I suppose a suitor could buy NOV's ownership of NCES directly from NOV. It could then wait to buy the rest of NCES. But considering NOV's need for cash, and their controlling interest, they could veto any takeover that is not high enough. I'd hope that NCES shareholders don't have to worry about a low-ball offer being accepted by NOV. Assuming NOV will accept nothing below $12, we could do well. I think NOV would rather find a buyer for all of NCES, rather than simply a company to sell their portion to, because a placement of NOV's holdings would have to occur at or below the market price of NCES, whereas an outright buyout of NCES could happen much higher.

Todd
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