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To: Robert A. Sutherland who wrote (1933)12/5/1997 6:11:00 PM
From: Rubble  Respond to of 3506
 
< Where did you get 34% of Magellan for 66% of Ashtech stock? >

Ashtech gave up all its stock for 1/3 of Magellan and cash. Since Magellan now comprises Ashtech, Ashtech holders are getting back 1/3 of Ashtech, along with 1/3 of the original Magellan. Since they gave up 100% of Ashtech, and then were handed back 1/3 in the form of the combined Ashtech/Magellan stock, the net trade was 2/3 Ashtech for 1/3 of Magellan + cash. And if you try to solve the equation:

.66(A) = .33(M) + $25,000,000

...you'll realize there's no way to get a definite number:

Ashtech = 1/2 (Magellan) + $37,500,000



To: Robert A. Sutherland who wrote (1933)12/5/1997 6:58:00 PM
From: SKIP PAUL  Read Replies (2) | Respond to of 3506
 
>Where did you get 34% of Magellan for 66% of Ashtech stock?<

I'll answer that with a question. Orbital now owns 66% of Ashtech. What did Ashtech Shareholders get in return for giving up 66% of Ashtech ?


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