00Thaler_FM i-xxvi.qxd

Table

4.2

Stub Values and Market Values between IPO and Distribution

Max Market

Trading Days

Min Stub, S

p

Min Stub, S

p

Val

ue of

$ per Parent

Fraction of

Issue

First

Next First

Last

Distribution

Share Parent

($ Millions)

Negative

Positive

Negative

Announcement

Creative/UBID

−74.81

−1.37

342

1

114

113

113

HNC/Retek

−49.01

−.56

594

2

50

178

181

Daisytek/PFSWeb

−13.72

−.63

157

1

82

81

131

Metamor/Xpedior

−5.26

−.19

315

3

5

92

67

3Com/Palm

−63.16

−.77

2,514

1

48

47

47

Methode/Stratos

−20.95

−.39

499

1

133

146

187

Note.

The stub value in dollars per share is

The stub value as a fraction of parent value is

The first day

of trading is day 1. Min stub is that between IPO and distribution. Max market value of issue is the maximum price times the nu

mber of shares issued

(not outstanding) during the interval between first negative and next first positive. First negative is the first trading day with

a negative stub. Next first

positive is the subsequent day on which prices imply a positive stub. Last negative is the last day on which a negative stub oc

curs. All calculations are

based on closing prices. For Metamor/Xpedior, day 67 is the day on which the takeover of parent Metamor is announced.

SPxP

PSP

tt

P

St

Pt

tt

P

=−

=

()//.

SPxPtt

P

St

=−

.