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Technology Stocks : Mattson Technology -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (3365)	5/13/2001 4:01:31 PM
From: ELH1006	Respond to of 3661

N, some basic information/comments relative to the merger. First of all, the offering pro-forma estimated $178 million in tangible net assets at completion. At the 3-31-01 report date, there is $34 million of net tangible assets. At the 12-31-00 report date for MTSN (pre-merger), MTSN had $153.3 million of current assets less all debt. At the 3-31-01 date (post-merger), MTSN now has 154.7 million in currents assets less all debt. As you can see, the stronger balance sheet that we were all expected, just didn't happen. Furthermore, I am still struggling why the CFMT payment for accounting purposes was based on $35.76 per share versus $10.46 for the STEAG shares, yet both closed effective 1-1-01. This accounts for approximately $106 million in goodwill (35.76-10.46 times 4.2 million share relative to CFMT)that was booked. The additional $102 million in goodwill apparently results from less tangible assets at closing, some as a result of MTSN assuming the $49 obligation due to STEAG. Looks to me like Mr. Matson needs to get his arms around this merger before all our asset base evaporates. Eddie