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To: Dale Baker who wrote (31992)	12/11/2002 1:33:15 PM
From: Dale Baker	Read Replies (2) \| Respond to of 118717

The new math - HOOV revenue has been flat for 2 1/2 years, but now it's assumed it will triple in a few years. And people wonder why dot.coms didn't zoom to the moon forever. Cibelli called on Hoover's to entertain other bidders, and he listed a number of potential acquirers including USA Interactive (USAI), Yahoo (YHOO), Microsoft (MSFT), and Britain's Reuters (RTRSY). In a letter to Hoover's, Cibelli said that he was "extremely" disappointed and reminded the board of its duty. "It is my opinion," he wrote, "that the board's decision to sell Hoover's at this time at $7 a share is grossly inadequate and violates the board's fiduciary obligation to maximize shareholder value." Cibelli noted that the company's internal estimates called for sales of $100 million and net income of $25 million in 4 or 5 years. He figures that "a back of an envelope analysis" would put the value of the shares in the low $30 range, assuming a multiple of 10 times earnings, plus cash on hand.