Re[2]: Quark buyout of Adobe - get serious, guys!

Subject: Re[2]: Quark buyout of Adobe - get serious, guys!
From: "Walker, Arlen P" <Arlen -dot- P -dot- Walker -at- JCI -dot- COM>
Date: Wed, 26 Aug 1998 12:02:32 -0500

Funnily enough, I don't see Quark having the problem raising the capital
for the buy. Adobe has a premium marque, guranteed revenue stream in
Postscript, and a stable of products that can be sold to raise money.

Quark's intent was to sell Pagemaker, K2(?) and, if necessary, Frame.
Officially, they would be doing that to get past FTC/DOJ anti-trust
concerns; unofficially, that could be quite instrumental in financing a
takeover bid.

Also, Quark is privately-held, so no one but their banker knows how much
cash they have. They're noted for being aggressive in accumulating cash
(via their support lines and update charges) so they might have quite a bit
on hand.

But there'll be a Problem. Hostile takeovers of software companies are
problematic. You can ensure the executive staff stays, but the real talent
is in the trenches, and if the takeover gets hostile, they're gone and all
the buyer gets is an empty shell and a brand name. I don't think that's a
risk Quark would want to take.


Have fun,
Arlen
Chief Managing Director In Charge, Department of Redundancy Department
DNRC 224

Arlen -dot- P -dot- Walker -at- JCI -dot- Com
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