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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: Sgt. Stockpile who wrote (2135)	3/17/1999 1:38:00 PM
From: MARKZAW	Read Replies (3) \| Respond to of 28311

CNBC ANNOUNCEMENT. CNBC just announced that there is a possibility that PA may not make the tender offer since the market price of GNET stock is higher than his $90 offer. Not a lot of details, it was a quick blurb in the news "headlines". Edit. From Zacks News site: Paul Allen's Go2Net Stake Possibly Cut As Stock Soars (GNET) - Rpt (NewsTraders.com)-- Paul Allen's stake in Go2Net (GNET) may not reach the 54% originally envisioned when the deal was inked earlier this week because the stock has soared well above the $90 price the billionaire said he would pay for up to 3.6 million shares, according to the Seattle Times. Highlights: - Go2Net shares spiked $26 after the deal was announced Monday, then ran up another $14 yesterday to close at $126, a 45% rise from Friday's close. - Allen launched a tender offer to buy up to 3.6 million shares at the $90 level, for an investment of $324 million. If the stock doesn't dip back to $90 by April 16, the offer is void, the Seattle Times said. - As part of the agreement, Allen's Vulcan Ventures investment group purchased $165 million of convertible preferred stock, with another $145 million worth set to be acquired upon receiving approval from Go2Net shareholders. Allen has already secured the purchase of 1.4 million common shares from Go2Net directors and officers, but the tender offer for the additional 3.6 million shares likely won't come into play unless the stock pulls back. - "There are no plans to change the tender offer at this time," a Vulcan Ventures spokeswoman said, which leaves his total investment objective of obtaining a 54% stake in limbo. - The minimum investment Allen will make is $426 million, giving him a 40% ownership stake and control of the board. How many board seats he will have is uncertain because it isn't clear how many shares he will have. The company currently has six directors. - Yesterday Pacific Crest Securities analyst Jeff Goverman upped his price target on Go2Net from $115 to $250 per share, but said his revised target may even be $100 too low. Copyright 1999 NewsTraders Inc. All Rights Reserved 11:51 Wednesday, March 17, 1999