Briefing.Com sez:
12:15 ET ******
MODEM MEDIA.POPPE TYSON INC (MMPT): BancBoston Robertson Stephens set to bring shares of Interactive advertising agency, Modem Media.Poppe Tyson, to market this week. There is talk that the deal could price as early as tonight. The current offering range on the IPO is $11-$13, but given market fervor for Internet stocks, coupled with the quality of the deal, the range will likely be raised. In anticipation of the high-profile initial public offering, shares of True North Communications (TNO 30 1/4 +1 3/4) have advanced 7% on the trading session. The global advertising company owns 5.649 million shares of MMPT's Class B common stock and will maintain an 84.9% stake in Modem Media.Poppe Tyson at the conclusion of the offering. The Company: Modem Media.Poppe Tyson develops digital interactive marketing programs that utilize the Internet to enable its clients to better locate, communicate with and service customers. The company was formed through the combination of three separate businesses, Modem Media Advertising Limited Partnership , the Northern Lights Interactive division of True North Communications Inc., and the interactive marketing operations of Poppe Tyson Inc, and is now the world's 3rd-largest interactive advertising agency. Modem Media.Poppe Tyson's counts AT&T and Citibank as its two biggest customers, accounting for 20.4% and 12% of total revenues for the nine months ended Sept. 30. For the same 9-month period, the company reported revenue of $30.4 million, up 69% from the prior year period. MMPT's net loss widened from $0.27 ($1.99 mln) to $0.29 a share ($2.09 mln). |
