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Technology Stocks : JDS Uniphase (JDSU)
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To: Glenn McDougall who wrote (290)5/4/1999 6:57:00 AM
From: Roger Brown  Read Replies (2) of 24042
 
Regarding JDS price:

Assuming that each firm is valued the same, clearly UNPH shareholders are getting the great end of the deal as JDS has ramped up revenues since January.

Neverthless, using fully diluted shares (I realize for market cap reasons one uses basic shares, but for merger concerns, fully diluted shares are the concern) one gets a value Monday of $5.53 billion for UNPH (43,404,000 * $127.43) & $5.19 billion for JDS (82,599,000 * $91CA * $.69US).

To have the same market cap JDS must be @ $96.96CA. However, I believe that JDS shareholders will own 50.855% of the JDS Uniphase, so that number would have to be raised to $100.37CA to keep the same ratio.

Thus JDS is currently trading at a 9.3% discount to merger terms.
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