Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Oak Technology (OAKT) -- Ignore unavailable to you. Want to Upgrade?

To: Bonzo who wrote (4193)	11/18/1998 11:50:00 AM
From: Peter Smith	Respond to of 4335

I agree! This guy wants to buy the company while they state that sales in the future look flat. Sounds like the same sort of thing that got them in trouble in the first place. Buying while predicting doom and gloom, sounds similar to selling while touting the company. Nevertheless with a book value $5.86 a price of $4.50 sound quite low. Tell you what Tsang - I'll sell you mine at cost! If it was such a great price then, I'll help the lowly management by selling mine at break even double digit cost! So with this news out who is thinking about Gabelli's comment of a 10-bagger!

To: Bonzo who wrote (4193)	11/18/1998 12:36:00 PM
From: Peter Smith	Read Replies (1) \| Respond to of 4335

Another thing - he is really only offering only $1.50 since Oak has about $3 cash in the bank. Maybe he should have made the offer for $3 when the stock was at $2. Then he could have had the company for free!

To: Bonzo who wrote (4193)	11/18/1998 12:40:00 PM
From: Steve Reinhardt	Read Replies (1) \| Respond to of 4335

The easiest way to disagree with Tsang's proposal is to actually get OAKT to above $4.50 on the open market. The problem now is that there are not enough buyers for the OAK stocks. And the floating shares may be so small in percentage. Any institution shareholders seems to have difficulty to get an offer above the current price. Because whenever they want to sell a block of stocks, it always drive the stock price down. In other words, the Streets does not seem to be able to play the OAK price. I have to congradulate Tsang's proposal, buy the company out AT LOW!!

To: Bonzo who wrote (4193)	11/20/1998 10:54:00 AM
From: Bonzo	Read Replies (2) \| Respond to of 4335

<<If this offer is approved I would expect further litigation via class action - and although I hate most shareholder class action litigation - this one would have some creedence imo.<< This didn't take a rocket scientist to figure out. Tsang has it coming for that ludicrous and embarrasing offer. Oak Technology Sued by Shareholders Over $167 Mln Acquisition Wilmington, Delaware, Nov. 20 (Bloomberg) -- Oak Technology Inc., which makes multimedia computer chips and software, was sued by shareholders who say a proposed $167 million buyout led by Oak's management won't give them enough money for their stock. The company's chairman and chief executive officer, David Tsang, announced the offer Wednesday. He said he formed Gold Acquisition Group to buy all outstanding shares of the company for $4.50 a share, with the offer to expire Dec. 14. In one of two lawsuits filed in Delaware Chancery Court in Wilmington, Oak shareholder Judith Confidine contends the offer shortchanges stock owners because the company is worth more than the price offered, and directors have not undertaken a full assessment of its real value and prospects for growth. ''The Buy-Out Group is seeking to eliminate Oak's public stockholders at a grossly inadequate and unfair price (and) obtain for themselves the entire ownership of the company at the lowest possible price,'' Confidine says in the suit, which asks a judge to grant class-action status, halt the transaction and award damages. Officials of Sunnyvale, California-based Oak were not immediately available to comment on the suit. Oak shares rose 3/32 to 4 3/16 yesterday. 08:53:57 11/20/1998 Any redistribution of Bloomberg content, including by framing or similar means, is expressly prohibited without the prior written consent of Bloomberg L.P. Any reference to the material must be properly attributed to Bloomberg News. The information herein was obtained from sources which Bloomberg L.P. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities.(C) Copyright 1998 Bloomberg L.P. BLOOMBERG, Bloomberg News, Bloomberg Financial Markets, Bloomberg Television, Bloomberg News Radio are trademarks, tradenames and service marks of Bloomberg L.P.