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Biotech / Medical : T/FIF, a New Plateau -- Ignore unavailable to you. Want to Upgrade?

To: lwd who wrote (377)	1/21/2001 6:12:52 PM
From: Doc Bones	Respond to of 2243

Right on the cash price, 47.50, but most GELX holders received cash and GENZ stock, worth a good deal more. This can be seen in the (closing) price of GELX on Friday, Dec. 8 - 61.25, the last day that the GELX shareholder could elect to take GENZ stock and cash, and the GELX price on Monday, Dec. 11 - 48. $22.59 in cash and .3813 of a share of Genzyme General stock for each share of GelTex exchanged I think a fair price to use for GELX is $60, reducing from 61.25 for the small percentage who received straight cash. There are other arguments that could be made, for example GENZ hit a high on Dec. 8, perhaps a lower price should be used for GENZ. For those inclined to a Talmudic analysis, here is some of the relevant history: siliconinvestor.com GelTex shareholders had the opportunity to elect to receive stock or cash payment for each share of GelTex they held by the election deadline of Friday, December 8, 2000. Because most shareholders elected to receive stock, and because no more than 50 percent of the GelTex shares will be exchanged for shares of Genzyme General stock, the actual consideration those stockholders receive will be prorated under the terms of the merger agreement. Therefore, GelTex shareholders who made a valid election to receive stock will receive $22.59 in cash and .3813 of a share of Genzyme General stock for each share of GelTex exchanged. This transaction will thereby increase the amount of Genzyme General stock outstanding by approximately eight million shares. GelTex shareholders who made valid elections to receive all cash, as well as GelTex shareholders who did not make valid elections, will receive $47.50 in cash for each share of GelTex common stock owned. ------ GELX Date Open High Low Close Adj. Vol. Adj. Close Dec-14-2000 47.5 47.5 47.5 47.5 0 47.5 Dec-13-2000 47.8125 47.8125 47.5 47.5 75,900 47.5 Dec-12-2000 47.625 48.125 47.625 47.8125 155,400 47.8125 Dec-11-2000 47.9375 48.25 47.3125 48.0 442,400 48.0 Dec-8-2000 57.0 61.375 56.5 61.25 1,651,500 61.25 Dec-7-2000 56.1875 57.125 56.0 56.6875 462,100 56.6875 Dec-6-2000 56.875 57.75 56.25 56.375 1,192,100 56.375 GENZ Dec-12-2000 100.125 100.125 95.0 95.0625 872,700 95.0625 Dec-11-2000 100.25 101.375 97.0 100.4375 2,106,200 100.4375 Dec-8-2000 91.875 103.75 91.6875 103.0 3,822,600 103.0 Dec-7-2000 88.6875 91.75 88.6875 90.4375 1,105,300 90.4375 Dec-6-2000 93.5 94.3125 89.375 89.5 2,328,600 89.5 Doc