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MUTUAL SERIES FUNDS'
MICHAEL PRICE ET AL.
(continued from preceding
page)
And if it's a stock deal, we'll end up with stock in a company that has better prospects. So we think it'll be a win-win.
OID: If forced to look into your crystal ball by, say, some pushy newsletter editor and guess where all of the factors you mentioned were likely to converge, what would you guess?
Garea: It depends on the whole range of alternatives that I've mentioned earlier. I've seen in the banking arena with Chase and Chemical where there wasn't such a big premium where the stock price was, but where the cost savings were so dramatic and the fit was so good that the big payoff came after the merger - although you did get a reasonable premium considering that Chase did move up prior to the announcement of the deal.
So that's an example where you got a little bit of a premium - although perhaps there was already some speculation in the stock - plus you got a huge win from the deal itself because it was a win-win merger and a great fit.
On the other hand, if it were more of a pure takeout, you'd probably get a higher price. It also depends on what currency's used. If someone's going to pay cash, then they'll pay more.
OID: Assuming it was all cash, do you have any sense of what the range might be?
Garea: Maybe the upper teens.
AND GET EVERYTHING ELSE AT ROUGHLY 65% OFF.
OID: At your annual meeting, you also talked about U.S. West Media Group.
-OID
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THE PRECEDING WAS EXCERPTED MUTUAL SERIES FUNDS' |
|
For additional
information FRANKLIN MUTUAL ADVISORS, INC. (800) 448-3863 |
The preceding feature appeared in the December 31, 1996 edition of Outstanding Investor Digest.
Disclaimer
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