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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (7807)	7/21/1999 9:27:00 PM
From: peter michaelson	Read Replies (1) \| Respond to of 78476

jeffrey: I agree but would go further than that. I'm not saying I believe it, but the Italians are commonly held to negotiate in the manner possibly exhibited here. They have greater patience and Mediterranean guile than the dumb, direct Americans. 1. They have an opportunity to learn a hell of a lot about Case, whether or not a deal closes. 2. In the meanwhile, they cause some disruption to a competitor. 3. Once they're in discussions, they are in. With the known future to be declining sales, they are well aware renegotiation is an option. The Americans thought they were getting a great price. The Italians thought they locked up a deal at whatever price works for them after 18 months of negotiations. The pace of life is different. Italians have survived a long time - they're no fools. And the Case offer was foolish on the face of it, as you all recognized immediately. Anyway, go ahead and shoot holes in the theory. I'm just glad I didn't buy that arbitrage. peter P.S. Jeffrey, your emails are still in my in-box. My mind has not generated a meaningful reply - sometimes it takes a while. My apologies.