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Biotech / Medical : Biomatrix (BXM) Looking Great -- Ignore unavailable to you. Want to Upgrade?

To: Michael D. Christian who wrote (565)	3/23/2000 4:45:00 PM
From: Greg Jung	Respond to of 569

Here's my read: They have offered enough cash to convert 28+% bxm shares at $37. Some quantity of BXM shares are already committed to be exchanged for GBX (insiders, etc.); So the way things stand now, I figure my 200 shares would get about 100x$37 + 100xGBX if I asked for al cash - i.e. it is oversubscribed because I can go out and buy GBX at $21. But this paragraph,... However, the number of shares of GBX Stock to be issued in the Merger is subject to an upward adjustment if the value of the GBX Stock to be issued in the Merger on the effective date of the Merger is less than 45% of the total Merger Consideration in order to preserve the status of the Merger as a tax-free reorganization. seems to imply, that even if there were 75% altruistic shareholders just wanted shares, but if the price of the stock were low enough then I'd still have to take shares in addition to the $37/share cash. That's the best I can come up with.