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Technology Stocks : BORL: Time to BUY! -- Ignore unavailable to you. Want to Upgrade?

To: Neil Booth who wrote (7625)	11/21/1997 1:21:00 AM
From: Jatin Kadakia	Respond to of 10836

Does someone know how much cash VSGN has? and how much of it will still be there about the time merger takes place. The cash portion that VSGN will bring to Borland should really not be included in the purchase price. Yahoo shows $1.25 cash per share which equals to about 17 mil. Hope they don't burn it by the time actual acquisition takes place. Just adding my .02 cents to make acquisition look not too expensive. Regards, JK

To: Neil Booth who wrote (7625)	11/21/1997 6:43:00 AM
From: Linda Kaplan	Read Replies (1) \| Respond to of 10836

Neil, Your contributions are exceptionally valuable; thanks for sharing your thoughts about the merger calculations. Can you say what percent of dilution there actually is? And what your projection for BORL's price in a year is, given these changes? Wish I knew what other stocks you own. :-) Linda

To: Neil Booth who wrote (7625)	11/21/1997 9:30:00 AM
From: John Solder	Read Replies (2) \| Respond to of 10836

My question is which number is fixed, the sale price of $150MM or the 0.89188 conversion ratio at transaction date. If the magic number is $150MM and if BORL is trading at 10 at the transaction close date then it would be an almost 1:1 stock transfer and $150MM/$10share = 15MM BORL shares to issue. If the 0.819 is the magic number and BORL closes at 8 on the transaction date then VSGN holders would get $6.5/share. Considering IPO on 8/96 2.1MM shares at $7.5 and 2nd issue on 2/97 1.6MM shares at $12.5 there will be alot of VSGN holders voting NO on a 0.189 merger. I'm sure they would rather wait for a better fixed cash offer. I know I would. The weighted average price of the two public offerings is $9.66. Granted the number of public shares is 25% of the total outstanding the boards will have a battle to get VSGN holders to go for much less than $10 share.