	conrac cax soars following mark iv iv bid heavy buying by speculators boosted conrac corp to higher than a dlr per share cash tender offer announced by mark iv industries inc iv it s a case of chemlawn euphoria said one arbitrageur referring to a recent hostile tender that began at dlrs per share and ended when chemlawn corp chem found a white knight willing to bid dlrs for conrac the arbitrageur said dlrs per share seemed like an appropriate price another said it s too early to project the outcome the market is speaking for itself and saying the dlr offer is inadequate the second arbitrageur said but he added it was hard to make a case for conrac being worth much more than the dlrs where the shares traded today he noted the stock recently sold in the high teens and there could be a downward risk of dlrs or more if conrac is able to thwart mark iv conrac urged shareholders to take no action while its board studies the offer and confers with advisers conrac said it would make a recommendation by april a third arbitrageur noted mark iv had been involved in several takeovers previously and has proven itself to be a determined bidder they re not beginners he said another said conrac might have trouble if it tried to find another buyer it s a hodge podge of non related businesses he said there is only a small universe of people who would want to own the company as it s presently structured conrac is involved in video displays computer software aircraft instruments telephone answering machines welding equipment and other products i m telling retail clients to sell and leave the rest for those who can take the risk said rudolph hokanson analyst at milwaukee co he called the dlr offer by mark iv fair value but on the low side i don t think management was looking for a buyer in any way before this offer he said hokanson said conrac has conservative finances and has developed a reputation for quality products that serve niche markets he said management has done a good job of turning around the telephone answering machine business reuter 
