Friday, November 15, 2013 6:14:01 PM
lets you and i have a little debate
question
why would ibm not want to liquidate its position in yippy
answer
it is an insurance policy
now i am sure you don't understand that
so i will explain
ever heard of carl icahn
carl likes to buy 5-15 % positions in companies to leverage mgt into the situations he thinks will make him money
or
he can use those positions to stop transactions by calling for shareholder votes through proxy or lawsuits
most recently the fight with dell
now for the meat
ibm would be complete morons for selling its 10%+ position in yippy
if they did they would have no rights to stop the sale of yippys technology to a competitor
gives them an automatic first right of refusal so to speak only they can do it through the back door
meaning
yippy says its selling to orcl sap msft whomever
a price is agreed
ibm can stop it by demand
calling a shareholder vote and offer a higher amount
since they already own 10% any offer would carry a weighted discount of same
which mean ibm will always be able to buy this company for 10% less than the highest offer
protect themselves from another player grabbing velocity and the other technology yippy has
also
if you look at this deal from a comparison or comp as we say
yippy owns velocity which they paid 5.5MM for
ibm owns velocity which they paid 135MM for
my house was purchased for 600K in 1997
my neighbor just sold nearly the same home from the same builder in jan of 2013 for 1.65MM
how much is my house worth honeybadger
not to mention my house has a pool a tennis court and about twice the lot size as the other house
if you use simple comp comparison as most who work in big business
yippy is worth at least 165MM
that is 3 bucks a share
with no revenue
if the active directory muse connectors and other technologies they are concentrating on work out well
yippy is worth more than 165MM
with no revenue
yippy has revenue and has disclosed large customer
does this make sense to you
this is all in my opinion
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