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Biotech / Medical : Neurobiological Tech (NTII)

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Jan 9 9:30 AM EST

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To: Apache Indian who wrote (548)	5/18/1999 2:30:00 PM
From: BRAVEHEART	Read Replies (1) of 1494

Hi Apache, You said... "ok.. why would a company ready to pay 3-5 million upfront + milestone payments + royalty payments in the future offer only $1.75 for for a buyout ?" Who said the company that offered the rumored $1.75 buyout is the same company NTI & MERZ is looking to collaborate with. Right, roughly 13 million based on the 7.5 million shares that was outstanding at the time. Hence, the NO response that NTI apparently responded with. Right, a company would rather buy NTI out on the cheap. Heck look at the steal SUPG ( SUPERGEN ) got for the .40 to .60 cents per share price range it will pay to SPARTA shares. With such buyouts out of necessity the preferred shareholders get the real-deal & the common shareholders get screwed. Hence I would much rather see NTI bite the bullit and cut a collaboration. Realize NTI has significant leverage in negotiating a collaboration along with MERZ. If NTI is looking to sell out that leverage is lost. No I am not looking at a cash buyout period. Just because a company has mega bucks does not translate into a $5 dollar per share offer. MERZ does not wish to sell out. Hence no preimum to NTI to sell out. NTI's leverage is MERZ and Memantine for it's many indications. A deal is highly unlikely at the $5.47 price tag that you have suggested IMO. Would I welcome such a deal. Absolutely. Apparently NeuroInvestment has some insights on this matter. I have heard that the news letter has a few estimates of it's own on a collaboration. I don't subscribe to the newsletter. So I don't know if there is any mention of the possibility of a buyout. Besides Apache Consolidation is the trend but it is not always better. I would rather hold through P-II results and find a $7 to $8 per share stock price than sell out at the rumored old offer of $1.75. Do you have a rumor of a current offer of $5.47 or is that just a desired buyout price target you have. Jeffrey

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