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Technology Stocks : 24/7 Media, Inc. (TFSM) -- Ignore unavailable to you. Want to Upgrade?

To: Boom-Ahead who wrote (279)	10/11/1999 8:01:00 AM
From: Mark Peterson CPA	Read Replies (1) \| Respond to of 669

As Takeover Rumors Swirl By PETER LOFTUS Dow Jones Newswires NEW YORK -- 24/7 Media shares soared 17% Friday on rumors that the Internet advertising firm was in talks to be acquired by its larger rival, DoubleClick. Shares of 24/7 gained 6 7/8 to close at 47 3/8 on the Nasdaq Stock Market. Jump to a roundup of tech stocks, including Xerox, Hi/fn, Quantum, PMC Sierra, Schwab and 3dfx. Worries Over Year-2000 Problems Won't Hamper Initial Public Offerings As Huge Changes Roil the Market, Some Ask: Where Is the SEC? Emerging-Market Managers Split Over the Perils of the Y2K Bug Heard on the Net: Silicon Investor Puts the Fate of Banned User Up for Vote Nasdaq Once Again Pushes Back Date for Extending Hours on Quote Systems E-Stamp, Interwoven Shares Rise From Initial Offerings Research Firm Jupiter Gains in Its First Trading Session Discussions Internet Stocks Tech Stocks Meanwhile, the Nasdaq Composite Index rose 25.87 to 2886.57 and Morgan Stanley's high-tech 35 index added 2.82 to 1280.61. The Dow Jones Internet Index gained 1.92 to 260.82. The Silicon Alley Reporter reported on its Web site Friday that executives from both companies have been holed up in a hotel in Los Angeles during the past week to negotiate a deal. According to the report, which cited unidentified industry sources, DoubleClick would pay about $1.5 billion for 24/7, or double the value of its market capitalization as of Thursday's close. Spokespersons for both companies declined to comment, citing company policy against remarks on market rumors. A person familiar with the situation said that DoubleClick executives were currently in New York and not in Los Angeles. The person, however, declined to say whether this apparent discrepancy with the Silicon Alley Reporter item ruled out a potential deal. A possible DoubleClick acquisition of 24/7 Media has been rumored for several months. The speculation resurfaced last week after CMGI, an Internet investment firm, agreed to acquire two online-advertising companies, Flycast Communications and AdForce, in deals with a combined value of about $1.2 billion. In addition, a CMGI unit, Engage Technologies, agreed to acquire AdKnowledge for $193 million. The buying spree positioned CMGI as a major force in the online advertising space, prompting industry analysts to speculate that DoubleClick would grab 24/7 to head off the competition. Search Past Columns: For a list of recent columns, just press the search button. Or, search for past columns containing these words: DoubleClick and 24/7 would complement each other in several ways, said Lazard Freres & Co. analyst Dana Serman. DoubleClick provides advertising services to many large Web sites, while 24/7 targets the medium to small sites, he said. Also, DoubleClick already operates an ad server, which would spare 24/7 the cost of developing its own. "My thoughts are that it makes a high degree of sense, geographically, culturally and technologically," Mr. Serman said, adding that the companies' headquarters are within 10 blocks of each other in New York. "There are a number of fits between the companies." CIBC World Markets Corp. analyst Rudy Hokanson said 24/7 is an attractive takeover target for both DoubleClick and CMGI. In a morning conference call with his firm's sales force, Mr. Hokanson reiterated his 12-month price target of $80 for 24/7 stock.