Yesterday, a good friend alerted me to this TSCN-ZSUN merger news...
Telescan, ZiaSun to merge in stock deal
SOLANA BEACH, Calif., May 3 (Reuters) - ZiaSun Technologies Inc. (ZSUN) and Telescan Inc. (NASDAQ:TSCN) announced on Thursday plans to merge in a stock-for-stock exchange with the aim of becoming a worldwide provider of investor education, financial publications and analytics.
The new company, to be named INVESTools Inc., will apply to be traded on the Nasdaq national market under a new ticker symbol. ZiaSun, based in Solana Beach, Calif., and Telescan, based in Houston, will become wholly-owned subsidiaries of the new entity, the companies said in a statement.
The companies said INVESTools will issue new shares to acquire all the outstanding shares of ZiaSun and Telescan. ZiaSun shareholders will receive 75 percent of the newly issued INVESTools stock and Telescan shareholders will receive 25 percent. ZiaSun shareholders will receive one share of INVESTools for every share of ZiaSun stock they hold. Telescan shareholders will receive 0.56486 share of INVESTools stock for every share of Telescan stock they hold.
Telescan's Chief Executive Lee Barba has been appointed CEO of the new company. A new executive committee will consist of D. Scott Elder, CEO of ZiaSun, and Ross Jardine, chief financial officer of ZiaSun. William Savoy, President of Vulcan Ventures Inc., has been named chairman of INVESTools.
The merger is subject to customary closing conditions, including approval by the shareholders, the companies said.
siliconinvestor.com |
