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Technology Stocks : Fogdog, Inc. (FOGD)

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To: Corkyc who wrote (44)	10/24/2000 7:08:20 PM
From: Glenn Petersen	Read Replies (1) of 46

FOGD gets bailed out: news.cnet.com Web site developer buys sports site Fogdog By Greg Sandoval Staff Writer, CNET News.com October 24, 2000, 3:15 p.m. PT Web site developer Global Sports has acquired troubled sporting goods site Fogdog in a stock deal valued at more than $38 million. Fogdog shareholders will get 0.135 shares of Global Sports for every Fogdog share they own. Global Sports will issue 4.95 million shares and has agreed to assume all of Fogdog's outstanding debt. Fogdog is the second online sporting goods store to be acquired this month. Two weeks ago, online discount store Overstock.com acquired Gear.com for an undisclosed amount. There's been little if any good news in the past six months for Redwood City, Calif.-based Fogdog, which has seen its share price plummet following its initial public offering. At the close of trading Tuesday, Fogdog was trading at 88 cents--far from its 52-week high of $22. Former president Tim Joyce left for personal reasons in July, and Fogdog's chairman quit in May. Fogdog has a tangible net worth of about $45 million and another $42 million in cash and securities, King of Prussia, Penn.-based Global Sports said in a written statement. Global Sports plans to integrate some of Fogdog's e-commerce applications into its e-commerce plans. A major part of Global Sports' business is building Web sites for sporting goods stores. The deal is expected to close in the first quarter of 2001, pending regulatory approval.

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