January 29, 1999 13:23
Shop at Home sets expansion, but is not on block
NEW YORK, Jan 29 (Reuters) - 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 $7.75, or about 50 percent, to $17.625 in active afternoon trade.The broadcast is scheduled between 0730 EST/1230 GMT, and will coincide with the release of second quarter earnings.
"Our primary focus right now I 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. Inc.
Shop at Home is the third largest television-based home shopping channel, and nineteenth largest broadcaster in the U.S. |
