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Biotech / Medical : Agouron Pharmaceuticals (AGPH) -- Ignore unavailable to you. Want to Upgrade?

To: mod who wrote (5965)	1/26/1999 7:50:00 PM
From: Izzy	Read Replies (1) \| Respond to of 6136

Peter B. Johnson has 108,510 shares. So he did OK.

To: mod who wrote (5965)	1/26/1999 8:47:00 PM
From: John Romeo	Read Replies (2) \| Respond to of 6136

I have been out of town for ten days and was aware of the 7pt loss on rumor Dupont no longer interested,correct me if I'm wrong.The chart held up on 40 day mva as support and rallied to 53's, enough about that. I am also are very disappointed with the price, but I want to point out some items of interest. Under terms of deal valued at $2.1BB,there are 33.2million shares fully diluted as of 9/98 qtr.simple division prices out to $63.29 share.The term used in PR was 'will be exchanged for approximately $60 worth of WLA stock so long as the price of WLA stock is between $64.52 and $74.00 at close of transaction'it also included'IN no event will AGPH shareholders receive less than .8108 share for WLA stock for each agph share..nor more than .93 share of WLA for each AGPH share'. From this you could put together a matrix of possible outcomes based on price moves of WLA shares, WLA closed 69 1/8 up fractionally,AGPH trading additional 3 after close at $60.Here is what I come up with:Using lowest price of WLA of $64.52 and high of $74 range and exchange ratios of .8108 to .93 the lowest value is $52.31,which holds at $60 minimum floor price.Then using the high price of WLA $74 then derives $68.82.So possible exchange is a low of $60 and high of $68.82 and any number in between. I've said earlier at $60 or so, they IMO are giving the biz away,Your giving away $10 share for the oncology division,throw that in and we should be at 70.Why,is Remune data poor and their holding back,can't work that in as it is pertinent and material in negotiations? Analysts are increasing price targets in mid 60's and even $75.They are even throwing oncology into the deal, a waste of time and money,for investors,that proxy and vote. Management has cancelled Earnings Conference Call to next week. The company is holding an analyst call 8:30amWed, I have a few questions. Since management only owns 6-8% and institutional owns majority, it's up to management to sell this deal to shareholders. I hope this opens the door for a white Knight to come in with a higher bid and/or cash,though cash causes capital gains issues for investors. It upsets me that this company who made history in being the top biotech new drug sales ever,and ranking #5 in most new sales of any pharmaceutical company is being sold for .25 cents above their 52 week high,with the best science,technology,products,scientists and sales and marketing group in Biotechnology. It just smells bad. Tell me how you feel. John Romeo