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Technology Stocks : Fingerhut (FHT) goes on Web site acquisition binge
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To: John T. Hardee who wrote (107)1/22/1999 9:52:00 AM
From: .com  Read Replies (2) of 144
 
Also from report:
Additionally, and perhaps even more exciting,
Fingerhut has acquired an interest in a string of e-commerce start ups over the past months, including
PC Flowers.com, mountainzone.com, and freeshop.com. The game plan on these acquisitions is to
buy a 19.9% interest in these businesses (as they are currently losing money and FHT does not want
to consolidate their results). At the time of purchase, they also obtain warrants to allow them to gain
a 60% stake in the entity with the plan to utilize the FHT clout to gain buying and database
efficiencies. The company's plan is to do an IPO of some or all of these e-commerce companies at the
15% level so that post deal, FHT would still own 51% of the entity or more. On this front, we think a
public offer for PC Flowers.com and freeshop.com are likely 1999 events. Management indicates that
we should see 8 to 12 more announcements throughout the year, beginning over the next few weeks.
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