To: Jane4IceCream who wrote (3501 ) 3/15/1999 5:47:00 PM From: MoneyMade Read Replies (2) | Respond to of 119973
Paul Allen invests big bucks in Go2Net By Reuters Special to CNET News.com March 15, 1999, 10:40 a.m. PT news.com SEATTLE--Billionaire entrepreneur Paul Allen today said he plans to invest $750 million for a controlling stake in Go2Net, a Seattle-based Internet start-up that operates a collection of popular Web sites. Allen's Vulcan Ventures holding company will own more than 54 percent of Go2Net at the conclusion of a planned tender offer for up to 5 million shares of Go2Net's outstanding common stock at $90 per share in cash. Allen, the Microsoft cofounder worth more than $22 billion, also has agreed to buy $300 million in Go2Net convertible preferred stock. The deal is one of the most significant cash offers to date in the Internet sector, where acquisitions generally are done on an all-stock basis. Go2Net stock was up 15 at 102 on the Nasdaq after an opening that was delayed because of the news. Go2Net will continue to be operated independently by its current management, but Allen said he hopes to integrate the company's services with his cable television operation, the seventh largest in the United States. Story Copyright © 1999 Reuters Limited. All rights reserved. Do you want to know more? Read related news View story in The Big Picture Go to Message Boards Search News.com Related news stories • Short Take: Go2Net nets new VP February 24, 1999 • Allen uses cash to push Charter forward February 23, 1999 • Paul Allen owns stake in bookseller February 20, 1999 • Go2Net revises earnings statement February 16, 1999 • Go2Net acquires Web21 for $13.5 million January 4, 1999