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Technology Stocks : Telescan-on the launch pad.....? (TSCN) -- Ignore unavailable to you. Want to Upgrade?

To: brk who wrote (1600)	9/28/2000 2:15:33 AM
From: KLP	Read Replies (1) \| Respond to of 1607

Just looked on the www.paulallen.com site, and see no news since Sept 7---so no info there re the nixed deal with GLBN...here's the 9/28/00 news.... KLP GlobalNet Nixes $103M Telescan Acquisition 09/27/00 LONDON, ENGLAND, 2000 SEP 27 (Newsbytes) -- By Sylvia Dennis, Newsbytes. GlobaNetFinancial.com [NASDAQ:GLBN], the London-based online financial information provider, has confirmed rumors that its $103 million takeover of Telescan [NASDAQ:TSCN], the US Web site developer is on the rocks. The companies have given no specifics on why the deal was nixed, but media reports said that shares in both companies were rising in the wake of the deal. The merged group was to have been chaired by William Savoy, president of Vulcan Ventures - the venture capital fund owned by Paul Allen, the cofounder of Microsoft. Vulcan, Newsbytes notes, was an early investor in Telescan. However, under the terms of the termination agreement, both firms have entered into a share exchange in which Telescan will deliver to GlobalNetFinancial 272,500 shares of GlobalNetFinancial common stock currently owned by Telescan, and in exchange GlobalNetFinancial will deliver to Telescan the 545,000 shares of Telescan common stock currently owned by GlobalNetFinancial. GlobalNetFinancial will also purchase from Telescan 276,495 shares of GlobalNetFinancial common stock currently owned by Telescan for $6 per share, and will make an additional payment of $250,000 in respect of certain of Telescan's expenses. In a joint statement, Stanley Hollander, chairman and CEO of GlobalNetFinancial, and Lee Barba, CEO of Telescan, said that both companies have core strengths that will enable each firm to separately pursue its respective growth strategies. Both companies, they said, have mutually agreed is in the best interests of our respective companies and shareholders. GlobalNetFinancial.com's Web site is at globalnetfinancial.com . Telescan's Web site is at telescan.com . Reported by Newsbytes.com, newsbytes.com . 07:49 CST c2000 copyright Post-Newsweek Business Information, Inc. News provided by COMTEX User Agreement