Hi Scott, how huge is this? Hope you're still holding. <ggg>
ITVU was trading @ 130 on Instinet.
Akamai to buy InterVu for $2.8 billion in stock
NEW YORK, Feb 7 (Reuters) - Akamai Technologies Inc., which provides services that allow for speedy delivery of Web content, said on Monday it had signed a deal to acquire InterVu Inc., which develops systems to deliver video and audio over the Internet, for about $2.8 billion in stock.
Under terms of the agreement, Akamai (NASDAQ: AKAM) will issue about 9.3 million common shares in exchange for all outstanding shares of InterVu (NASDAQ: ITVU) at a ratio of 0.5957 Akamai share for each InterVu share.
The deal values each InterVu share at nearly $140, well above the stock's Friday closing price of $117 on the Nasdaq stock market. Akamai shares closed at $235, also on Nasdaq.
Cambridge, Mass.-based Akamai will convert outstanding options and warrants of InterVu into about 2.8 million Akamai options and warrants, the companies said in a statement.
The acquisition, which must be approved by regulators and InterVu stockholders, is expected to close in the second quarter, they said. |
