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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (7145)	5/14/1999 10:51:00 AM
From: Bob Rudd	Read Replies (2) \| Respond to of 78464

Jeffrey: NH Sold mine this morning, too. Hated to sell into a down market, but I can't cry too much over a 70% gain. Merger synergies rarely justify the acquisition premium [Mark Sirower offers data for this in "The Synergy Trap" BTW] and I was already concerned about the possibility that the boost in receivables was responsible for a big chunk of the recent favorable earnings report. If a company wants to make a big acquisition, it helps to boost the stock beforehand. Perhaps this might have been additional incentive for possible earnings manipulation thru aggressive financing.