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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: GSD who wrote (6054)3/31/1999 10:27:00 PM
From: billkirn   of 6136
 
GSD.. Good Question. Must be the risk that Warner Lambert will go lower than the $64. We need to remember that the exchange rate is based on the average price over 10? days before the deal closes. That means if WLA does continue to drop, the conversion ratio will end up producing a lower than $60 per share price. It works in the other direction if the price is moving up in this range.
It is pretty hard to determine a reasonable price, but my guess is the market is pricing Agouron at a 10% discount to its equivalent conversion value. What do you think?
Bill
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