Shop At Home Is Not For Sale
(01/29/99, 2:58 p.m. ET)
By Reuters
NEW YORK -- Television and Internet retailer Shop at Home said it would unveil an Internet expansion plan, but was not actively looking to sell the company.
Shares were sharply higher Friday, after the company said in a statement late Thursday it would unveil plans in a Feb. 10 broadcast for its Internet shopping expansion. It will also disclose who their technical partners will be. The company's shares were up 7 3/4, or about 50 percent, to 17 5/8 in active afternoon trade. The broadcast is scheduled for 7:30 p.m. EST and will coincide with the release of second quarter earnings.
''Our primary focus right now us to continue to grow our broadcast business and establish a leadership position in e-commerce,'' said Dawn Woods, director of corporate communications. In answer to questions regarding any potential buyout offers, Woods said: ''We are not actively seeking to be acquired. Like any public company, if we receive a buyout offer and if it were in the best interest of shareholders, we would consider it.'' ''The stock is up on the company announcement of Internet expansion plans and who their technical partners are, but this was anticipated for several months. It's just a more formal announcement,'' said Ned Armstrong, research analyst with Friedman, Billings, Ramsey & Co.
Shop at Home is the third-largest TV-based home-shopping channel and 19th largest broadcaster in the United States. |
