America On-Line: will it survive ...? Message Board

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Technology Stocks : America On-Line: will it survive ...?

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To: Vendit™ who wrote (12215)	11/29/1998 11:17:00 PM
From: Rajiv	of 13594

Ozemail makes no comment on bid talk SYDNEY, Nov 30 (Reuters) - Internet service provider (ISP) OzEmail Ltd said on Monday it had no comment to make on market speculation that either America Online Inc (NYSE:AOL - news) or Cable & Wireless Optus Ltd would launch a takeover bid for the Australian group. The speculation triggered a spike of A$1.02 or 37 percent in OzEmail's share price to a new four-month high of A$3.78 in busy Monday morning trade. ''I couldn't comment on that kind of speculation,'' said OzEmail vice-president of Corporate Relations Michael Ward. ''The market is fully informed,'' he said. Earlier, an AOL Australia spokesman said he would not comment on the speculation, while an C&W Optus spokeswoman was not immediately available for comment. OzEmail's American depositary receipts (ADRs) jumped more than US$3 or over 21 percent to US$18.25 on Friday night on speculation of such a takeover. ''There was speculation of a raid in the United States, so it's kicking on from that,'' broker Tony Russell of Morgan Stockbroking said. OzEmail's shares rose as high as A$4.00 in morning trade, just below of its all-time high of A$4.15 reached on July 7 this year. OzEmail listed on May 29 this year at A$3.65 each, a A$1.08 premium to the A$2.57 a share paid for three million shares in an initial public offering. At the latest share price, OzEmail's market capitalisation stood at A$472 million.

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