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

To: Robert L. Jacobs who wrote (182)	2/17/2000 3:59:00 PM
From: Allen Furlan	Read Replies (1) \| Respond to of 376

Robert, A higher price may just be wishful thinking on my part. I will be quite happy to get 47 if fnf stays at 12, but the following is the basis of my speculation. 1. If average price is less than 15 "Fidelity is permitted to elect either----52----or a reduced amount". This is from the prospectus voted on by fnf stock holders as well as ctz. I see this as the lawyers way of protecting fnf board if they decide to pay more than the reduced amount. 2. If fnf goes to reduced amount, ctz board can take a walk. Don't think they would but they could. 3.Ctz board has 790,000 shares to be bought back at cash price equal to final deal. Greed is a wonderful incentive for them to do a little arm twisting. 4. CEO of fnf wants this deal badly. All of this negotiation takes place after our election of cash or stock at end of February and ctz board does not have to come back to stockholders. Again just my speculation.