...how long do you suppose it will take for this deal to close?...
InfoSpace to Buy Go2Net in $4 Billion Stock Swap
PALO ALTO, Calif. (Reuters) - InfoSpace Inc. (NasdaqNM:INSP - news), a provider of online infrastructure and services to businesses, on Wednesday agreed to buy Go2Net Inc., giving InfoSpace a combined base of nearly 2 million merchants, in a transaction valued at about $4.02 billion.
InfoSpace said that under the deal, expected to close in the fourth quarter, it will issue 1.82 of its own shares for each Go2Net (NasdaqNM:GNET - news) share. As of July 17, when it reported third-quarter earnings, Go2Net had 46.2 million shares outstanding.
The deal values each Go2Net share at $86.91, a 43-percent premium to Go2Net's closing price on Wednesday of 60-9/116 on the Nasdaq, where it fell 1-9/16. InfoSpace stock rose 1-7/16 to 47-3/4 on the Nasdaq.
Separately, InfoSpace reported a far-narrower-than-expected pro forma loss of $3.3 million, or a penny a share, compared with a year-ago pro forma loss of $4.30 million, or 2 cents a share. Sales more than tripled to $24.6 million from $6.98 million.
On that basis, Wall Street had expected the company to lose 6 cents a share in the quarter, according to consensus analyst estimates compiled by First Call/Thomson Financial, which tracks such forecasts
~~~~~~~~~~~~~
where is insp trading?...
Little over $40 right now. |
