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Howshould Paul think about the process? What should he do with the RFQ ?

with Kahn. Paul settled on a strategy and contacted Brown said, "We know a lot about communications investment bankers at the Four Horsemen: and we can do an M\&A deal, but we think it would be Our venture partners gave me names at each of the four__. You're leaving too much money on the tablefirms-the people they did business with on a regular you should do an IPO," because that was their expert. basis. So I called, and then the venture guys called ise. DLJ also does a lot of telecommunications deals. them. We had a couple of meetings with each of them They said, "We have a good M\&A department and before they drew up their proposals. This should be an M\&A deal." It depends on the bank, When you are talking to investment bankers, you but it also has a lot to do with the bias of the manag. want to project your compony in the best light to get the ing director, whether he's an M\&A guy or an IPO guy. best valuation. You need to make sure they undersiand your company, but everybody's selling: we're selling November Bourd of Directors Meefing them selling us, and both of us ore irying to soll the public or a deal guy. Generally, the bankers sent two or three guys, an for a proposs the Four Horsemen responded to Paul's request analyst and a couple of salespeople called managing Paul prepared a summary evaluation of the bankers' prodirectors. They tell you what it costs and then they try posals for the next board meeting (see Exhibit O for Proto sell you on why they are the best. The guy from Alex posal Matrix). He recalled the board's discussions

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