ALTA finally withdraws its IPO:
dailynews.yahoo.com
Wednesday January 10 5:38 PM ET
AltaVista Withdraws IPO, Cites Market Conditions
WASHINGTON (Reuters) - Popular Internet portal AltaVista Co. (news - external web site) on Wednesday withdrew its plan for an initial public offering of 14.8 million shares of its common stock, citing unfavorable financial market conditions.
``The company is requesting withdrawal of the registration statement due to continuing unfavorable conditions in the financial markets,'' the Palo Alto, Calif.-based company said in a filing made with the U.S. Securities and Exchange Commission (news - web sites).
CMGI Inc. (NasdaqNM:CMGI - news), an Internet holding company, holds an 81.6-percent stake in AltaVista, according to an April 2000 IPO prospectus. No. 1 personal computer maker Compaq Computer Corp. (NYSE:CPQ - news) owns 18.2 percent of AltaVista stock.
AltaVista, which was seeking a Nasdaq listing under the symbol ``ALTA'', had estimated a price range of $18 and $20 a share.
The underwriters, led by Morgan Stanley Dean Witter, had to option to buy 2.22 million extra shares to cover over-allotments. Chase H&Q, Robertson Stephens, Prudential Volpe Technology and Wit Soundview were also underwriters. |
