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Strategies & Market Trends : Arbitrage Plays -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (97)	11/8/1999 11:48:00 PM
From: Keith J	Read Replies (4) \| Respond to of 376

Paul, how about we start a list of what deals we know about that have a decent spread and just provide a little info on all...and we can just update occasionally. It may make things easier to track. I'll start and others can add additional info or others that I miss or aren't aware of. CASH ONLY AATT - $25.50 offer, financing not in place and no shareholder vote yet, anticipated close 4th Qtr 99. BGF - $31.50 offer, shareholder vote Nov 23rd. CGE - $12.50 offer, financing not in place and no shareholder vote yet, anticipated close 4th Qtr 99. GIBG - $10.25 offer. HERBA/HERBB - $17 offer, financing not in place and not enough tendered yet, anticipated close late November if not extended. LUCK - $12 offer, financing may or may not be in place and no shareholder vote yet, anticipated close 1st half 2000. OSU - $16.75 + preferred, shareholder vote Nov 22. PLAY - $8.50 offer, PLAY shareholders have approved, extended to Jan 31, 2000. SSI - $10.35~ offer, shareholder vote Nov 17th. VIAS - $9 offer, DOJ antitrust challenge, extended to Nov 26th. WDN - $23.25 offer, no shareholder vote yet. CASH AND STOCK BOSS - 1.25 shares MAK; $13.50 cash (up to 50%). CTZ - $52 share cash and FNF stock, collar on FNF, anticipated close 1st Qtr 2000. PALX - $9 cash and IFCO stock, not comfortable with proposed capital structure. STOCK ONLY UMG - ? USW - $69 in QWST stock, subject to collar, USW shareholders have approved, could take time for necessary regulatory approval. KJ

To: Paul Senior who wrote (97)	11/9/1999 2:21:00 PM
From: David	Read Replies (1) \| Respond to of 376

Paul: I believe you still hold CCN. No doubt you heard the news of the CBS offer. What do you think about CCN now as an arbitrage play?? cbs.marketwatch.com I believe the proposed buyout looks like around $85.00 per share ($2.15 Billion offer; 25.3 million shares outstanding). 10% spread at present time (Stock is trading at $77.25). What do you see as the down side risk??? I suppose CCN might immediately reject the offer and that may cause the price to tumble a bit. It seems there may also be competing bidders and the possibility that CBS will sweeten their bid. Of course, preceived caution is apparent given the spread. No idea when this deal might close, nor is there word that CCN has accepted the offer.