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Technology Stocks : VLSI Technology - Waiting for good news from NASDAQ !!!
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To: Pat Lombardo who wrote (6449)5/13/1999 3:18:00 AM
From: Esvida  Read Replies (3) of 6565
 
They did not offer an explicit reason for the extension except an obtuse reference to some kind of regulatory kink. My take is that they extend due to some delay of the tender paper going out. By the deadline:

1. if not enough shares tendered for them to have a simple majority they have the option of extending it again to accumulate more - but my guess is that they have to check again with the holders who already tendered. Or, they may just drop the offer and walk away. Of course, they may also raise the price to attract more tenders

2. enough shares tendered and no other offer arrives, the end game begins - cash for shares for everyone. People can hold out though, but their shares will become so illiquid, they may be worthless in terms of cashing out when they need to.

3. What I don't know is this. If enough shares tendered, but another higher bid arrives - then what??? I think people who tendered their shares have the right to go for the higher offer, but I'm not absolutely sure.

4. Arbs are buying a lot of shares now to tender at the last minute. They scrape out a little low risk profit in exchange for taking the risk of an unconsummated deal.

5. We may hear any price - but we need another bidder. Where are Mike Milken's disciples when we need them?
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