Merger story from Reuters
Cybercash (NASDAQ:CYCH) agrees to acquire ICVerify
Reuters, Tuesday, March 17, 1998 at 18:32
RESTON, Va., March 17 (Reuters) - CyberCash Inc and
venture-backed ICVerify Inc said they had agreed to merge in a
deal in which ICVerify shareholders will receive $16 million in
cash and 2.3 million CyberCash common shares.
The two electronic commerce companies said consummation of
the deal is subject to negotiation of a binding deal and
certain other conditions.
Based on the price of Cybercash stock at the close of
trading Tuesday, the value of the deal's stock portion would be
about $41.1 million, making the deal's total value worth
roughly $57 million.
In a statement, the companies said that after completion of
the merger, which is expected to occur in the second quarter of
1998, ICVerify will become a wholly owned unit of CyberCash.
They said F. Thomas Alden, ICVerify's president and chief
executive officer, will remain in those roles once ICVerify
becomes a unit of CyberCash. He also will serve as an executive
vice president of CyberCash.
Steve Elefant, ICVerify co-founder and chairman, will
become CyberCash vice chairman. Eric Buchbinder, the other
co-founder, will become senior vice president, advanced
technology.
Copyright 1998, Reuters News Service |
