Hrrrmmmm......
I dont see where the ALLR share price is even a factor. So your formula is
wrong.
The deal is 1 share of allr stock is worth .2 of 1 MACR share + $3 in cash
for every 1 allr share. Or $11.8 per share based current close of $44. If
MACR goes up its gets better, if it drops, it gets worse. regardless what
allr does - it doesnt really matter unless you want to unload your allr
shares.
> Macromedia Shares = $44
> Allaire Shares = 7 15/16
>
> Allaire stock it stlightly less than 18% of Macromedia's stock vlaue.
> Macromedia is offering 1 share for 5 of Allaires.
> $8 x 5 Stocks = $40
>
> Conclusion: Your math is wrong ;-) At closing prices, Allaire stockholders
> get a slight discount on Macromedia shares. If however Allaires stock goes
> up or Macromedia's stock goes down $4, then it becomes an even swap.
>
> jon
>
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