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Strategies & Market Trends : Low Price/Cash Ratio Value Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Sunshine who wrote (358)	3/6/2000 11:15:00 PM
From: Q.	Read Replies (1) \| Respond to of 1931

Is the deal oversubscribed? I'm not sure, but it looks that way. The previous announcement said: "Thierry E. Zerbib, Michael F. Zerbib and Brian H. Loeb, each a director of Telesoft, own an aggregate of 47 percent of Telesoft's common stock and have advised the company that they currently intend to tender in the aggregate the same percentage of their shares as the percentage of all of other shares tendered as of 5 p.m., New York City time, on Friday, March 3, 2000. Today's announcement says that the shares tendered so far include: "approximately 87 percent of the total Telesoft shares owned by shareholders other than the Telesoft Affiliates." That looks like more than the 62% of shares that the co. is offering to buy. The fact that the insiders were apparently forced by the SEC to raise their tender offer to $7.25 looks like it means that those of us who tendered at $7.20 or less will get our entire order filled, those who tendered at $7.25 will get a partial fill, and those who tendered at $7.30 or higher will get stuck holding the few remaining shares in the float. If my understanding on this is correct, then arbitrage should move the stock up much closer to 7 1/4, right away.