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Gold/Mining/Energy : Varco (VRC)

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To: diana g who wrote (57)6/1/2000 6:26:00 PM
From: diana g  Read Replies (1) of 63
DimBulb Article ---from irt VRC/TBI Merger

I always get a kick out of seeing some 'expert' show how little he really knows.
---Here's an article where the author has the mistaken impression that VRC owners will be issued TBI stock.
If he'd just simply have understood the basic facts from the news he'd have known better, but my guess is he didn't bother going to much trouble before coming to his conclusions and writing his opinion.

His analysis of TBI/VRC must have been very thorough, eh? <G>

Take Your Varco Winnings
Rick Olivere, CFA
May 31 2000
Shareholders of both Varco International [VRC] and Tuboscope [TBI] approved the merger of the two companies at separate stockholder meetings yesterday. Varco?s share price moved up slightly today, but we believe current market prices reflect the near-term potential of marketing the two companies? product lines to customers, keeping things fairly quiet for a while. We recommend selling Varco stock for shareholders indifferent to short-term capital gains consequences. Long-term investors seeking more favorable long-term capital gains taxation of potential price appreciation may want to hold the stock.
According to the deal, each share of Varco common stock has been converted into 0.7125 shares of Tuboscope common stock.
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