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Technology Stocks : CyberCash a buy? -- Ignore unavailable to you. Want to Upgrade?

To: john shoemaker who wrote (635)	3/17/1998 8:22:00 PM
From: Ken W	Read Replies (1) \| Respond to of 3990

Merger story from Reuters Cybercash (NASDAQ:CYCH) agrees to acquire ICVerify Reuters, Tuesday, March 17, 1998 at 18:32 RESTON, Va., March 17 (Reuters) - CyberCash Inc and venture-backed ICVerify Inc said they had agreed to merge in a deal in which ICVerify shareholders will receive $16 million in cash and 2.3 million CyberCash common shares. The two electronic commerce companies said consummation of the deal is subject to negotiation of a binding deal and certain other conditions. Based on the price of Cybercash stock at the close of trading Tuesday, the value of the deal's stock portion would be about $41.1 million, making the deal's total value worth roughly $57 million. In a statement, the companies said that after completion of the merger, which is expected to occur in the second quarter of 1998, ICVerify will become a wholly owned unit of CyberCash. They said F. Thomas Alden, ICVerify's president and chief executive officer, will remain in those roles once ICVerify becomes a unit of CyberCash. He also will serve as an executive vice president of CyberCash. Steve Elefant, ICVerify co-founder and chairman, will become CyberCash vice chairman. Eric Buchbinder, the other co-founder, will become senior vice president, advanced technology. Copyright 1998, Reuters News Service