31.   A high multiple allowed it to make acquisitions for stock without issuing so many shares that the value of its own stock was diminished.

32.   A declining share price reduces the earnings boost as Republic is forced to issue more shares for an acquisition, thus diluting its per-share earnings.

33.   A spokesman at the company said the company has announced no plans to issue free shares.

34.   About one year after the sale started, the shares were issued and began trading on stock exchanges in Prague and Bratislava.

35.   Brent Cohen, chief operating officer of Packard Bell, said his company would issue new shares to complete the transaction.

36.   But Disney also said it might be willing to increase the overall cash portion, thereby issuing fewer shares.

37.   But even then, there was no way of knowing on what terms the shares were issued.

38.   But lately, banks and investors have become more conservative, making it much harder for many technology companies to borrow money or raise it by issuing shares.

39.   But with a mutual holding company, shares can be issued when officials believe market conditions are most favorable.

40.   Cheaper stock makes further acquisitions tougher because Republic has to issue more shares, making car-dealership owners reluctant to swap their business for a fallen stock.