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

To: Allen Furlan who wrote (275)	1/8/2001 10:12:44 PM
From: Paul Senior	Read Replies (1) \| Respond to of 376

Yes, TRGA deal relative attractiveness depends on LEON sh. price, with attractiveness diminishing if/as LEON drops below 68. "The $35 million valuation of Trega presumes that such price will not be lower than $68 or greater than $92. If LION's average closing price per ADS over this time period is below this range, the exchange ratio will be based upon a deemed price of $68 per LION ADS" LEON not doing so well today, closing @ 60 3/4 down 8. I'd guess the risk of the deal is not that it doesn't get completed but that the price could be below $68. Perhaps, given low trading volume in LEON, TRGA holders who want out at deal completion might have some concerns that they might not be able to sell the LEON shares they do get without affecting LEON price. --------------------------------------- Allen, I'm looking at VSHP. Have you looked at that deal? Paul S.