Microsoft to boost stake in Korea Thrunet
Wednesday November 24, 1:45 pm Eastern Time
NEW YORK, Nov 24 (Reuters) - Korea Thrunet Co. Ltd. (NasdaqNM:KOREA - news) said on Wednesday software titan Microsoft Corp. (NasdaqNM:MSFT - news) would exercise its option to buy another 6-percent stake in the Seoul-based Internet service provider, bringing its stake to 10.5 percent.
Korea Thrunet American depository Receipts (ADRs) rose 6-1/2, or over 20 percent, to 40 in midday Nasdaq trading. By exercising the option, Microsoft has become eligible to designate one of Korea Thrunet's directors.
After the option exercise by Microsoft, the total shares outstanding of Korea Thrunet increased to 71,957,858 from 67,432,144 shares.
The company held its initial public offering a week ago of 10.1 million ADRs, plus an additional 1,515,000 ADR's through the subsequent overallotment option. |
