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Formula Systems (Nasdaq:FORTY) chairman and CEO, Dan Goldstein, , told TheMarker he would not rule out buying Shamrock Holdings's $16 million stake, but in any case several offers have already been made for the 9.7% stake in Formula. Goldstein believe that even after the Formula's 17% gain since December 20, the company's market cap will remain a mere $150 million.

Goldstein added the holdings might also be sold to several institutional investors, such as mutual funds that expressed their interest in the company, because of what he considers to be its current low price. Goldstein added that another possible option is to sell the holding in Formula in several chunks rather than as one big package.

Shamrock Holdings gained its stake in Formula after exercising an option to convert its stake in Formula Vision holdings for a million $13 Formula shares.

Formula also committed to bring in a third party to buy Shamrock's holdings in Formula. Only if it fails to find one such a third party will it make the acquisition itself. At the moment such an acquisition does not appear feasible, but if Goldstein indeed decides to make it, there will be added implications to his move.

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