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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr_X who wrote (8208)4/30/1999 4:11:00 PM
From: Tokyo VD  Read Replies (1) of 18998
 
Mr. X,

I heard the PTEK conference call. MSFT has not filed this offer statement with the SEC? WBMD has yet to amend its filing? Give me a break.

All we have is a news item from Bloomberg (that re-ran in the Atlanta Consitution-Journal) saying that MSFT has "offered" to invest $300 million in WebMD. The PTEK conference call was interesting in that PTEK spoke about its investment holding rather than the lower than expected results.

IF this deal is true, then why do they have to put a "tender" offer for shares at 55 without disclosing this publicly? What WBMD holder would want to sell to MSFT at pre-IPO prices when they can get additional kickers from the euphoric public multiple in a few weeks? Why wouldn't new shares be sold to MSFT without the need for a tender from current holders?

YOU ARE HYPING SOMETHING TO MR. PINK THAT IS VERY CLOUDY....

Tokyo
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