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To: lindend who wrote (4414)	10/23/1998 1:19:00 PM
From: Prof	Read Replies (1) \| Respond to of 18998

>>TNSI has offer to be bought out at $35>> Well, the market isn't buying into it. TNSI is down 1 7/16 AFTER being +2 earlier in the day. Speaking of REXI - what's holding that stock up besides air anyway? Prof

To: lindend who wrote (4414)	10/23/1998 4:46:00 PM
From: mod	Respond to of 18998

<<How do we know this is legit and not a offer similar to the one given to REXI?>> Maybe because it involves a NYSE-listed company with a $1 billion market cap, and not just some guy with a fax machine in a trailer park? The GTECH press release doesn't mention an offer or deal price, just that they are having discussions. Dennis

To: lindend who wrote (4414)	10/23/1998 11:15:00 PM
From: gringodoc	Read Replies (1) \| Respond to of 18998

thestreet.com on tnsi: archive.thestreet.com Options Buzz: BT Speculators Switch Sides By Dan Colarusso Senior Writer 10/23/98 2:06 PM ET Out on the San Francisco floor of the Pacific Exchange, traders who deal in Transaction Network Services (TNSI:Nasdaq) saw unusual trading patterns return ahead of an announcement today that the firm would be acquired. Traders said that a player was selling the March 35 calls to the crowd for about 5 earlier this week. When news broke today in The Washington Post that the firm was in talks to be bought by Gtech (GTK:NYSE) for around 35, the wisdom of the move was revealed. According to traders, if the deal happens right at 35, the options stand little chance of being assigned because the stock price likely won't rise beyond that level. So, while the price of the contract may rise, the seller is under little pressure to try and close it out. While suspicious takeover trading usually turns up in out-of-the-money call-buying, this time someone could have been savvy enough to sell at just the right price. TNSI traders were caught in a similar situation in late August, when put-buying ahead of bulletin board chatter and a report criticizing some of the firm's practices roiled P-Coast floor traders. ~~~~~~~~~~~~~~~~~~~ and an old article: archive.thestreet.com