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Technology Stocks : Healtheon Corporation (HLTH)
HLTH 0.1200.0%Sep 10 5:00 PM EST
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To: AlienTech who wrote (65)5/18/1999 8:35:00 AM
From: GJLevine  Read Replies (3) of 861
 
AT,
Here my feeble attempt to understand this issue and derive a picture for PTEK. HLTH shares outstanding is 70 Million, WebMD shares outstanding before any IPO offering is 18 Million from the summation of sharesholder shares from the site www.ostman.com/webMD/shareholders.

If MSFT offered 300 Million for 27% of WebMD or 4,876,742 shares this equated to a $61.50/share offer. It also values WebMD at a 1.1 Billion market Cap. From the Faver Report MSFT was turned at this level and the report to need an offer sufficient to Value WebMD at 2.5 Billion or $123/share.

Now we here Faver report that the Hlth/WebMD merger will be close to 3.5 Billion, If infact this is the value of WebMD based on the offering from Hlth then the WebMd shares have a value of $194 each. Since I have no more information than everyone else, I'll be waiting for the terms of the Merger and MSFT involvement.

As for PTEK's share in this, PTEK controls 12% of the O/S shares of WebMD which is 2,167,400 shares. At a value of $61.50/share yields $133,297,000. divided by the 40 Million O/S of PTEK and you get $3/share to PTEK.
At a $123/shre value PTEK's share value is $6 from WebMD investment and at $194 it is $9/share for PTEK.

Looks very positive for PTEK holders

Glenn

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