Still, the $1 billion price tag valued KinderCare's shares at double their level before the deal was announced.

The offer would value her shares at $986 million.

Before the bid by Williams, he had valued Racal's shares, priced in pence, in the mid-40's at most.

When it values its own shares at 4 p.m., it uses the closing prices from Tokyo, 14 hours earlier.

The new rules would have required that tokkin funds value their shares at either the market price or the acquisition price, whichever is lower.

Centocor closed yesterday at $6.625, up 87.5 cents in over-the-counter trading, which valued Lilly's two million shares at $13.25 million.

Back in 1990, the appraisal valued its shares at $3.80 each.

At the time the offer was made, it valued the unit's shares at 202.75 francs a share.

The deal valued Nynex's shares at $51.50 each, a discount of $1.50 from their closing price on Friday.

That now values the American company's shares at $34.64 each.