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

To: Allen Furlan who wrote (180)	2/17/2000 1:55:00 PM
From: Paul Senior	Read Replies (3) \| Respond to of 376

Hi Allen and thread. AAC, MASK, MMI Buying AAC today @ 4 5/8 for $5.90 cash plus a stub. (Thanks Allen). Buying MASK today. Stock buyout by PLAB for .85 PLAB for each MASK. Per Yahoo quotes now, offer is valued @ .85 (39 3/4)= $33.78 PLAB stock for ea. MASK, selling now at 28 1/8. No collar in the announcement. I'm playing it as a bet on the continued stock price increase in semiconductor supplier stocks and PLAB in particular. Or PLAB stock not dropping to wipe out the positive spread difference (or worse, drop so far as to give me a negative spread). And assuming the deal is consummated. Adding to MMI. 9 1/4. Cash buyout by SPC @ 10. Stockholder vote scheduled for Mar. 9. Anyone else following this one? Paul Senior

To: Allen Furlan who wrote (180)	2/17/2000 3:26:00 PM
From: Robert L. Jacobs	Read Replies (1) \| Respond to of 376

CTZ deal value to be negotiated up? My reading of the 2/11/00 and 2/14/00 CTZ press releases (concerning stockholder approval and favorable IRS tax rulings) is that everything is now on track for a 3/1/00 closing. If CTZ were planning to renegotiate the price, they would have to threaten to exercise their walk-away option and I would think that they would be taking a harder line in their public comments, rather than acting as if nothing could derail this deal now. It seems that the Board may have already come to the conclusion that a deal worth $47 and change is better than no deal at all (as some previous posts on this site have concluded). Anyone disagree with this logic?