Cents and Sensibility - Kimberly and Friends' Consortium Message Board

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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium

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To: swisstrader who wrote (107903)	7/14/2000 12:03:46 PM
From: Bouf	of 108040

ZD..HUGE last week or so...great news today!! WASHINGTON (Dow Jones)--Ziff-Davis Inc. increased the number of shares of Key3Media Group Inc. that it will distribute in a spinoff, and also increased the number of shares that will be offered to the public, according to a filing Friday with the Securities and Exchange Commission. Ziff-Davis said it will distribute 63.5 million shares to its current holders, up from 60 million. Key3Media said it will sell 10 million shares of its common stock for cash at $6 a share. In a previous filing, the company said it would offer 5 million shares at $4 to $6 a share. Ziff-Davis, which divides its business into the ZD division (for print publishing, events, education and television businesses) and ZDNet (for Internet ventures) will sell and distribute shares in the ZD division as Key3Media. "The distribution is part of a restructuring of Ziff-Davis that will transform it into a company focused almost exclusively on the Internet," the filing said. Ziff-Davis is distributing all of Key3Media's outstanding shares to the holders of its Ziff-Davis common stock. Ziff-Davis shareholders will receive one share of Key3Media stock for every two shares of Ziff-Davis common stock they hold. No record date was set in the filing. Key3Media has also granted options to its employees to acquire a total of 20.5 million shares or about 32.3% of the shares that will be outstanding after the distribution and the offering. Affiliates of Softbank Corp. (J.SFT, news, msgs) will own about 56.4% of Key3Media's outstanding shares after the distribution and the offering. Key3Media will use a portion of the net proceeds from the offering to make certain payments and retain the balance for general corporate purposes and acquisitions. Key3Media produces, manages and promotes a portfolio of tradeshows, conferences and other events for the information technology industry. Key3Media plans to list its shares on the New York Stock Exchange under the symbol KME.

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