To: Don P. who wrote (707 ) 1/11/1999 9:14:00 PM From: Mr. Miller Read Replies (1) | Respond to of 3198
Did anyone else notice that Compaq bought out one of Digital River's retailers today? IBUY's website is here. Notice the DRIV banner: digitalriver.com So, can we say that we have added our biggest retailer yet? Compaq. Yahoo! News Technology Headlines Monday January 11 12:04 PM ET Compaq Agrees To Buy Shopping.Com For $220 Million HOUSTON (Reuters) - Compaq Computer Corp. (NYSE:CPQ - news) Monday said it agreed to buy online retailer Shopping.com in a cash deal, valued at about $220 million, that will propel the world's second largest computer maker further into the consumer Internet and electronic commerce markets. Compaq officials said Shopping.com (OTC BB:IBUY - news), which features more than two million brand name products and services from 1,000 merchandizing partners in 63 retail categories, would be tightly integrated with Compaq's Alta Vista Internet media site. Compaq said it planned to begin a tender offer Monday to acquire all of the outstanding shares of Shopping.com for $19 per share in cash, or $220 million in total, a premium of nearly $6 to Shopping.com's closing price Friday. Rod Schrock, senior vice president and consumer products general manager, said in a phone interview that Compaq planned to link visitors to its busy AltaVista Internet search site and buyers of its easy Internet access PCs directly to the Shopping.com site, multiplying the site's potential customers. The board and management of Shopping.com have unanimously approved the acquisition and will recommend shareholder acceptance. Shareholders owning 27 percent of Shopping.com stock have agreed to back the Compaq offer. Compaq said the deal is contingent upon it receiving 90 percent of Shopping.com outstanding shares, and customary regulatory approvals. In the wake of the deal, shares of Newport Beach, Calif.-based Shopping.com, rose to $18.31 at mid-morning Monday, up $5.125 from the opening in moderate trading on the over-the-counter bulletin board. Compaq stock added $1.125 to $46.50 in New York Stock Exchange trading, where it was the third most active issue.