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      "text": "\"[B]ased on our assumptions for cost synergies ($1.3B), we believe MSFT will have to offer $36–40 a share, suggesting 26–40% upside from current levels.\" (Jason Helfstein, Oppenheimer & Co. Inc., February 1, 2008)",
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      "text": "\"We believe that MSFT will do what is necessary to get the deal done, and we don't believe its [first] offer was [its] final offer. We raised our [price target] on 2/5 to $34 vs. the $31 offer, and believe that the most likely scenario is a raised offer from MSFT.\" (Ben Schachter, UBS Securities LLC, February 13, 2008)",
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      "text": "\"At $31, the deal is currently valued at 17x 2009 EBITDA, and we believe there is room for MSFT to raise the premium, given historical deal ranges of 17x-23x forward EBITDA – implying a range here of $31-$38.\" (Brian Pitz, Banc of America Securities LLC, February 1, 2008)",
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