The warrant is expected to be priced at about a 12.5 percent premium over Berkshire's current stock price.

The price represents about a 24 percent premium to today's closing price for Seagate of $62.75.

But if announced, the purchase price would be about a 10 percent premium over Airtouch's closing price yesterday of $72.4375.

That would represent about a 70 percent premium to Intermedia's closing price on Friday of $22.88.

Already Phelps Dodge was offering about a 40 percent premium to buy the companies, "we thought we'd gone far enough," he said.

That is about an 18 percent premium over Gillette's shares.

That would be about a 31 percent premium over Immunex's closing price on Wednesday, before the talks were reported.

Based on yesterday's closing price of $56.250 a share, this represents about a 15 percent premium over the price after the split.

That represents about a 4.3 percent premium over the share price of $26.75 yesterday.

The companies are discussing a nearly all-stock transaction that would represent about a 20 percent premium over Lucent's current value of $33.5 billion.