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Strategies & Market Trends : STEAMROLLER'S DAYTRADES
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To: STEAMROLLER who wrote (1453)11/26/1998 10:45:00 AM
From: STEAMROLLER   of 1561
 
NETSCAPE COMMUNICATIONS CORP rpts important event.

IFN Smart Edgar News - November 25, 1998 20:28

Excerpted from 8-K filed on 11/25 by NETSCAPE COMMUNICATIONS CORP:
NETSCAPE COMMUNICATIONS CORP rpts important event.
ITEM 5. OTHER EVENTS.
On November 23, 1998, Netscape Communications Corporation ("Netscape")
signed a definitive merger agreement with America Online, Inc. ("AOL").
Under the terms of the agreement, all outstanding shares of Netscape common
stock will be exchanged for shares of AOL common stock, and options to
purchase Netscape common stock will be exchanged for options to purchase AOL
common stock and the exercise price and number of shares of Netscape common
stock subject to each Netscape option will be appropriately adjusted to
reflect such exchange ratio. Each share of Netscape common stock will be
exchanged for 0.45 shares of AOL common stock. The transaction will be
accounted for as a pooling of interests and will qualify as a tax-free
reorganization. Following the transaction, James L. Barksdale, President and
CEO of Netscape, will join AOL's Board of Directors. The merger is expected
to close in the spring of 1999 subject to various conditions, including
clearance under the Hart-Scott-Rodino Act and approval by Netscape's
stockholders. Netscape's operations will remain based in Mountain View,
California.
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