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To: Cary Salsberg who wrote (2296)	6/29/1999 7:30:00 PM
From: Carl R.	Read Replies (1) \| Respond to of 3813

Interesting theory. I recall that NVLS stock has been held back before by rumors of a 2-1 merger. I doubt that NVLS would agree to a 1-1 merger, and LRCX won't agree to a 2-1 merger, so I don't see one as likely any time soon, especially during a recovery. In my mind a merger is more likely in bad times than good. Carl

To: Cary Salsberg who wrote (2296)	6/29/1999 7:46:00 PM
From: Ian@SI	Read Replies (1) \| Respond to of 3813

Cary, The whole chain of command in Lam that rejected the first Merger opportunity with NVLS is now gone. IMO, that makes the merger scenario a little more likely. I believe it was Apr of 94 or Apr of 95 when NVLS would have accepted a 1:1 merger agreement, but Lam didn't want to pay that price for NVLS. How times have changed. And I do agree that AMAT will absorb all the high margin, high volume business leaving the scraps and niches for the smaller competitors. A NVLS-LRCX combination might stand a chance especially if KLAC joined the party. Best regards, Ian.