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Gold/Mining/Energy : Yogen Fruz IT'S ALIVE, IT'S ALIVE
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To: Wizzer who wrote (1308)3/22/1999 12:11:00 PM
From: Stocker  Read Replies (1) of 2453
 
First Marathon used to have an underwriting agreement with YF and as a result, they were one of the brokers touting YF the most for the last 2-3 years. They even reported it was likely YF would try to buy EPIE a few days before YF went public with their intentions. But, starting 7-8 months ago they turned bearish, downgraded the stock twice, and starting warning about slowing revenue growth, increasing tax rates, etc. At the time, I took that as a very negative signal because it's not often a broker turns negative on a client, especially in Canada. Now they're branding YF a future takeover play (in about 2 years), saying that will be the only way shareholders will realize any value from the stock. Their argument is that management is simply posturing the company with eye an towards attracting a buyer (like Nestle etc). They point out that there are a lot of burned Integrated shareholders who own stock at about $9.80 - they gained a significant board presence in the takeover and can be expected to pressure management to work on boasting the share price. FM feels the quickest way to do that is to sell the company. It also interesting that the Integrated people have done the same thing two other times.

If FM is right, YF will likely focus on undoing some of the damage and trying to restore some market confidence (at least that's what they should do). Once the stock moves up a bit, they'll likely try to shop the company around to see who's interested. FM feels they would be sellers in the $7-8 range.
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