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Technology Stocks : Engage Technologies Inc - (Nasdaq - ENGA)

ENGA 0.160

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May 26 5:00 PM EST

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To: Guardian who wrote (752)	6/24/2002 10:03:36 AM
From: Glenn Petersen	of 754

ENGA left at the alter: June 24, 2002 CMGI Dis-Engages By Colin C. Haley boston.internet.com Internet investor CMGI (NASDAQ:CMGI) has pulled its offer to buy Engage (NASDAQ:ENGA) and is distancing itself from the troubled online ad technology firm. "Senior management of Engage and CMGI could not reach a consensus as to the execution of the business strategy for Engage," CMGI CFO Thomas Oberdorf said in a statement issued late Friday. A spokesman for Engage did not immediately return a phone call seeking further details about the falling out, or its impact on the company's future. CMGI currently holds approximately 148 million shares of common stock of Engage, good for 75.5 percent of the company. Both companies are based in Andover, Mass., and have struggled mightily in the last year, enduring layoffs, restructuring and management shakeups. Some insiders speculated CMGI would merge the embattled online ad player with another one of its marketing properties. In addition to the scuttled deal, David S. Wetherell and George A. McMillan, CMGI's chairman and CEO respectively, resigned their seats on Engage's board of directors, effective immediately. In its own statement, Engage confirmed the demise of the deal and said it "will continue to pursue its strategic alternatives."

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