I thought I posted this update a few minutes ago, but SI gremlins must have carted it away...
InfoSpace Buys Back 21.7 Million Shares
BELLEVUE, Wash., Sep 10, 2001 (BUSINESS WIRE) -- InfoSpace, Inc. (Nasdaq:INSP), a leading provider of the platform and applications that enable partners to deliver consumer and commerce services across the Internet to any device over current and next-generation networks, today announced the buy back of approximately 21.7 million shares.
The Company repurchased the shares from Vulcan Ventures at a discount to the current trading price of InfoSpace stock in a privately negotiated block transaction. InfoSpace plans to retire the repurchased shares.
"We believe that the repurchase and retirement of this significant number of shares represented an attractive opportunity and decreasing the amount of shares outstanding should be beneficial to our shareholders," said Naveen Jain, Chairman and CEO of InfoSpace. "I am looking forward to continuing to work with Vulcan's Bill Savoy to help InfoSpace realize its full potential."
"We continue to be supportive of InfoSpace and believe the company has significant opportunities to capitalize on its business areas," said William Savoy, President of Vulcan Ventures. "I am looking forward to continuing my role as a member of the board of directors and working towards making InfoSpace successful."
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My guess is remaining on the BOD was part of the deal. In a few months, Savoy will probably be replaced...after the dust has settled. |
