Any Thoughts???
All Headlines
C-Bridge, eXcelon agree to merge
NEW YORK, May 23 (Reuters) - EXcelon Corp. (NASDAQ:EXLN) and C-bridge Internet Solutions Inc. (NASDAQ:CBIS) on Wednesday said they would merge in a stock swap valued at some $73 million, marrying their consulting services and software products for the Internet.
In a joint statement, the companies said that each outstanding share of C-bridge common stock will be converted into the right to receive 1.2517 shares of eXcelon common. The combined company, which will conduct business as eXcelon Corp., will be owned 50-50 by the shareholders of each company.
"The merger will create a new company with 2001 projected revenues in excess of $100 million and cash reserves of over $50 million," the companies said.
EXcelon Chairman and Chief Executive Officer Bob Goldman will serve as chairman of the new company, while Lacey Brandt, eXcelon's chief financial officer, will keep that position at the resulting company. C-bridge Chairman and CEO Joe Bellini will take that job at the new company.
C-bridge shares closed at $2.34 on Tuesday, up from a year low of $1.125 but far from its 52-week high of $27.75. EXcelon shares closed at $2.73. Over the last year, its shares have fluctuated between $1.0313 and $15.625 |
