Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (20753)	5/11/1999 2:34:00 PM
From: IA	Read Replies (1) \| Respond to of 68291

Hi Clint, you may have already seen this: DJN WSJ: Allen Unsuccessful In Bid To Buy 54% Stake In Go2Net From The Wall Street Journal SEATTLE -- Billionaire investor Paul Allen was unsuccessful in his bid to buy a 54% stake in Go2Net Inc., as expected, although he still holds rights to one-third of the Internet company. The co-founder of Microsoft Corp. made a tender offer of $90 a share in March for 3.6 million shares of the Web content and directory site, which was then trading at $87 a share. No shares were tendered by the April 15 expiration date, since the stock leaped above $180 a share after Mr. Allen said he also intended to purchase 300,000 shares of preferred stock for $300 million. While Go2Net's shares fell $11.50, or 8%, to close at $133 in Nasdaq Stock Market trading yesterday on a general sell-off of Internet stocks, the company's stock price has remained well above Mr. Allen's original offer. Mr. Allen has bought more than half of the preferred shares and must await shareholder approval in June to buy the rest. If he is successful at buying all the preferred shares, his stock can then be converted to 4.54 million shares of common stock. Go2Net shareholders must also approve of Mr. Allen's purchase of an additional 1.4 million shares from company insiders at $90 a share. Bill Savoy, who heads Mr. Allen's investment arm, Vulcan Ventures Inc., said that he expects Go2Net shareholders to approve the transactions, which will give Mr. Allen the right to appoint two out of five board members and have input on two more. Even if he doesn't own a majority of Go2Net, he added, Mr. Allen's aim continues to be to knit together his extensive cable holdings with Go2Net programming to create a high-speed online service that can be delivered to televisions and personal computers via set-top boxes.