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Technology Stocks : Telxon (TLXN) -- Ignore unavailable to you. Want to Upgrade?

To: Joe Master who wrote (365)	12/17/1998 9:14:00 AM
From: Tibor	Read Replies (3) \| Respond to of 378

I have been watching closely the intraday patterns following the drop last Friday and have come to the following conclusion. The price is kept all day in a tight range and would only rise in the mornings. Any attempt to run it is met by large block sales at around 13 1/2. It tends to close at or near its low of the day. Following the Board's rejection of the SBL bid at $40 in June, the company adopted (due to heavy shareholder pressure) an amendment to its poison pill which says that a bid above $40 cash or a bid 140% above the average closing price of the previous 20 trading days CANNOT be rejected by the Board. Thus in my opinion, SBL is manipulating the stock (which is the reason why it always closes at the low of the day). While it may cost them some, if they managed to keep it at this range for 20 trading days, a new offer of around $30 would have to be accepted. Any thoughts?