Other matters arising from the Information Systems Acquisition Corp proposal to buy Human Designed Systems Inc: taking the mid price of the Wayne, Pennsylvania firm’s shares, the offer values Human at about one year’s turnover, $19.5m, plus whatever value you want to put on the warrants; changing the name of the acquiring company to HDS Network Systems Inc adds further confusion, because Hitachi Data Systems Ltd likes to call itself HDS; since the acquiring shell raised $14m in its public offering in 1993 and has been doing nothing apart from scouting possible acquisitions, and is paying only $5.5m cash in the deal, there should be a significant sum left in the kitty to finance Human’s future growth.
