Spock once again saves Kirk as Vulcan bails out PCLN:
Tuesday August 1, 8:01 am Eastern Time
Press Release
Vulcan Ventures and Liberty Media $190
Million In priceline.com Stock -- Priceline WebHouse
Club Announces Anchor Investor For 3rd Round
Financing
STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 1, 2000--Liberty Media Corporation and Vulcan Ventures Inc. announced
today that they have invested $190 million in priceline.com stock. Liberty Media is headed by John C. Malone and Vulcan
Ventures is the investment organization of Paul G. Allen.
Under the terms of the investment, the two companies have purchased from priceline.com founder Jay S. Walker a forward
contract to buy eight million shares of priceline.com common stock for an aggregate purchase price of $190 million. The
forward contract entitles Liberty and Vulcan Ventures to take title to the priceline.com shares no earlier than August 1, 2001
and no later than August 1, 2002, prior to which Mr. Walker will retain voting control and record ownership of such shares. In
compensation for the illiquidity of their investment, Liberty Media and Vulcan also received options from Mr. Walker to acquire
an equity interest in Walker Digital Corporation at exercise prices based on valuations of between $1.5 billion and $1.8 billion.
Mr. Walker said he intends to use approximately $125 million of the after-tax proceeds of this transaction to participate in the
3rd financing round of WebHouse Club (which he also founded). Priceline WebHouse Club, a privately held licensee of
priceline.com, began operations in November 1999 and has received funding from a group of investors that includes Liberty
Media, Vulcan Ventures, Goldman Sachs, Wit Capital Inc., Walker Digital Corporation, Mr. Walker and various members of
the WebHouse Club senior management team....
biz.yahoo.com
etc. |
