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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: MtnMan who wrote (18223)	6/22/1998 7:43:00 PM
From: LLCF	Read Replies (1) \| Respond to of 25960

< Later on it will be hard for the Company to explain why it would eschew cheap share repurchases to obtain a 4% return on huge cash balances.> How much cash per share they have??? DAK

To: MtnMan who wrote (18223)	6/23/1998 12:34:00 AM
From: Curlton Latts	Read Replies (2) \| Respond to of 25960

I do mean Cymer. If the Company got an all cash takeover offer right now at a typical 50% premium, all of the cash sitting on their balance sheet can be used by the acquirer to pay for the purchase. The net purchase cost of the Company would be ridiculously low based upon a discounted 10 year projected earnings stream. The Board would have to explain to shareholders why management sat around with all that cash earning a measly 4% while the stock was sitting at a big discount and thus put at risk to be bought at a net steal despite a previously announced share buyback program. Angus threw out that the multiple on 1999 earnings compared to an industry peer group was some kind of relevant measure but that view is flawed. The investment bankers little black books look at least a five to ten year projected earnings model to determine fair value and so do acquiring company managements. It would look pretty silly if they weren't buying some stock at these levels. There's $48 million of reserve available. Don't let Wall Street manipulate your stock Mr. Akins - fight back where it pays - the pocketbook. Good Luck To Each And All Curly ~~~~~~~~^^ [6.6] .....> [_