USRX Message Board - Msg: 889988

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Technology Stocks : USRX

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To: david goldberg who wrote (13507)	2/26/1997 7:04:00 PM
From: Jeff Mills	of 18024

I have analyzed the deal and USRX shareholders got a pure STEAL on this deal. Consider-- Trailing 12 month sales on COMS--$2793M Trailing 12 month sales on USRX--$2258M Therefore, COMS would have contributed 55% of sales over the last year and USRX would have contributed 45% of sales over the last year. Shares: COMS shares: 179.5 Million USRX shares: 88.17 x 1.75 = 154 Million Total new shares in the alliance: 333 Million With USRX representing 46% of the shares and COMS representing 54% of the shares (scary correlation) Bottom line is...the reason USRX got so many shares was due to COMS deflated price. COMS is paying 1.75 shares to USRX holders. Based on todays close, that values USRX at $70. So COMS is paying $70 x 88.17 Million shares = $6171Million in stock for USRX based on todays close. Lets say COMS was $60, like it was 5 weeks ago. To generate $6171M in COMS stock it takes 102 Million COMS shares. So converting 88.17 Million USRX shares into 102 Million COMS shares is a ratio of 1.156. Bottom line---Why the Hell is COMS making this deal now--giving up so many shares due to its deflated price. Makes no sense on its timing unless its desperate. Mills.

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