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To: Redman who wrote (13590)	3/4/1998 2:42:00 PM
From: pz	Read Replies (1) \| Respond to of 95453

LSS is now taking the same hit MAVK has been taking. LSS -3 1/4. The pipe makers are having a rough time.

To: Redman who wrote (13590)	3/4/1998 2:48:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

Buyout is for a set ratio of stock in EVI, not cash, and EVI is down already. As EVI moves lower, the notional buyout value and, thus, the price of WII will move lower (absent any collar). That plus the usual uncertainty/arbitrage issues would account for the difference. I don't know whether or not the deal is perceived to be as attractive as the HAL/DI deal, but remember EVI has already had a nice run the past several days.

To: Redman who wrote (13590)	3/5/1998 12:08:00 AM
From: Chuzzlewit	Respond to of 95453

Greenman, it has to do with dilution, since the deal is a stock swap. Here's how you do the math: take the combined market cap of the two companies at the close of business Tuesday. Figure out how many EVI shares the WII shares will come out to when converted. Add that to the number of EVI shares to give the total number of shares. Now divide the combined market cap by the total number of shares. That will give the equilibrium price of EVI. Multiply that by .95, and that will give the equilibrium price of WII. Regards, Paul