PSIX up 26.5%, Takeover(?) Message Board

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Technology Stocks : PSIX up 26.5%, Takeover(?)

PSIX 86.63

+7.0%

3:59 PM EST

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To: wtett who wrote (1477)	11/10/1997 12:11:00 PM
From: Ken Turetzky	Read Replies (1) of 5650

PsiNet In Definitive Pact To Buy Istar Internet For $25M PsiNet Sees Combined $34M Annual Revs On Deal PsiNet - iSTAR Internet -2: To Buy iSTAR For 86c A Share Dow Jones News Service via Dow Jones HERNDON, Va. (Dow Jones)--PsiNet Inc. (PSIX) agreed to acquire iSTAR Internet Inc. for $25 million, or 86 cents a share, in PsiNet Inc. convertible preferred stock. In a press release Monday, PsiNet said the transaction will create annual revenues of more than $34 million. PsiNet expects to complete the transaction within 60 to 90 days. Under the agreement, PsiNet will acquire all of the outstanding common stock of iSTAR in exchange for PsiNet convertible preferred stock. The transaction will be structured as an exchange offer or a merger of iSTAR with PsiNet Ltd, a unit of PsiNet. The transaction is subject to certain closing conditions including government, regulatory, and third party approvals. PsiNet provides Internet and intranet access products and services. (END) DOW JONES NEWS 11-10-97 10:50 AM

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