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#	AUTHOR DATE SUBJECT
17	member 9/13/04 1:23PM current tender
I must be honest that I have sold the position and that I have not kept up with the most recent news as the liquidity is now so limited that I could not rebuild the... login to read the rest view available tags
15	member 4/08/04 12:03AM Current Trading
I believe that Celanese is trading well for several reasons and believe that the current price is justified: By purchasing now, you essentially get EUR 32.50 plus 2 call options. The EUR 32.50 should come almost... login to read the rest view available tags
14	member 4/07/04 4:15PM EUR 34 ?!
Hi- thanks for this interesting idea. As I am not well versed in risk-arb type situations, I'm puzzled as to why the stock is now trading significantly above the takeout price, given that the offer... login to read the rest view available tags
13	member 3/25/04 3:19PM difficult decision
now that the tender decision is fast approaching, the real games have started. I believe that the tender offer is very likely to succeed at this point because 1) The market has sold off so... login to read the rest view available tags
12	member 3/24/04 8:03PM Current thoughts?
Any current thoughts, given that the two week extension is about to expire? Thanks. view available tags
11	member 3/17/04 8:27PM Thanks
I appreciate your feedback. I have my brother in Zurich (formerly of Frankfurt) working on it too. It's not his profession, so I'm not sure how helpful he'll be. Will post anything I consider helpful. view available tags
10	member 3/17/04 10:03AM bid price changes
Having consulted our lawyers on this, we believe that the price can still be increased through open market purchases on the part of blackstone. Based on German law, Blackstone would be required to pay the... login to read the rest view available tags
8	member 3/14/04 3:28PM From Reuters
I notice you say they can still change the price. I am assuming you know the German law? (I know I don't!) Below are some quotes from a Reuters article yest, and my interpretation had... login to read the rest view available tags
7	member 3/13/04 8:14PM blackstone extension
I believe that this announcement is important for several reasons: 1) Highlights the widespread perception that the Company is undervalued by the EUR 32.50 bid 2) Decreases the chances of losing meaningful money on a deal break... login to read the rest view available tags
5	member 3/09/04 3:55PM reply on tender questions
Let me try to take these 1 at a time: 1) Blackstone will take out the minority shareholders depending on how much of the company they get in the tender. If they get >=95%, they can... login to read the rest view available tags
4	member 3/09/04 2:28PM historic undervaluation
to be honest, it has puzzled me why the market has undervalued the company for such a long time. I think that there are several factors that need to be considered here: 1) As you mention,... login to read the rest view available tags
2	member 3/08/04 5:27PM CZ historical valuation
Can you provide any insight as to why, historically, the public market seemed to value CZ at such a discount to its comps? There has been some net debt paydown, especially adjusted for the view available tags
1	member 3/06/04 8:04PM we're there with you
on the mark, mate. view available tags

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			2022	2023
Price:	197.40	EPS	8.03	9.95
Shares Out. (in M):	54	P/E	25x	20x
Market Cap (in $M):	10,610	P/FCF	35x	28x
Net Debt (in $M):	520	EBIT	600	740
TEV (in $M):	11	TEV/EBIT	19x	15x

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