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To: TokyoMex who wrote (9036)	1/17/1998 10:42:00 PM
From: E	Read Replies (1) \| Respond to of 31646

Financial Times, January 15, excerpts: "New Computer Bomb Warning" M&A SPECIALISTS PREDICT THREAT TO TAKEOVER ACTIVITY Leading Wall Street Merger and acquisition specialists are warning that the threat posed by the millennium computer bomb could cause a slowdown in takeover activity in a range of industries by the end of this year. ...Wall Street M&A lawyers also said that the problems posed by the computer bomb are likely to speed up takeover activity through to the third quarter of this year. However, after that it could act as a sharp brake on the M&A boom. ...Rodgin Cohen, partner at Sullivan & Cromwell, said: "the impact is going to be extremely significant. I would call it the single most important external factor in the next 24 months." ...M&A experts say that rather than making the necessary investment, companies in banking, insurance, broking and telecoms are weighing up merging with companies that have already made progress in solving the problem. However, they predict that by the fourth quarter of this year potential suitors will be unwilling to take over companies that have failed to prepare for 2000. Mr. Cohen said: "It will encourage people who have not yet put the changes in place to sell out..But once we have started getting near to the end of this year and 1999 it will start to discourage people from buying. They may be concerned that they are going to have to do the whole thing." ..."Right now some companies are saying rather than spend that money there are advantages in merging with someone that has already dealt with the problem, such as Mike Winn." [The last four words are mine, what can I say?JM]