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

To: Josef Svejk who wrote (5686)	5/17/1999 6:22:00 PM
From: Mark Peterson	Read Replies (1) \| Respond to of 28311

Thought the attached might be of interest, as there have been a series of questions on timing elements related to Paul Allen and Vulcan Ventures, Inc. investment in Go2Net. This story, by the Seattle Times and published on May 7, provides an accurate overview. As an aside, I will not be a regular/daily participant in the GNET thread, but will visit from time-to-time to provide information or clarification on common themes. Regards, -Mark Go2Net stockholders to vote next month on Paul Allen deal by Helen Jung Seattle Times technology reporter Shareholders of Seattle-based Go2Net will vote next month on elements of a high-profile deal with billionaire Paul Allen that would make the Microsoft co-founder the single-largest shareholder in the Internet company. The details of the June 17 vote were outlined in documents filed last week with the Securities and Exchange Commission. Allen's ownership of Go2Net would amount to 34 percent of its stock, after his offer to buy additional stock from shareholders at $90 a share expired last month. No one opted to sell common stock to Allen at that price by the April 15 date, Go2Net said. The stock, which closed at $133 a share yesterday, has been trading above the $90 level since the agreement between Go2Net and Allen was announced in mid-March. Just days before the expiration date, the stock was trading at twice the offered price. Allen already had purchased $167 million worth of preferred stock in March. The deal calls for Allen to buy an additional $133 million in preferred stock and 1.4 million shares of common stock held by executives, subject to the shareholder vote. The completed deal would amount to about a $426 million investment. If the $90-per-share offer had been accepted, the investment could have reached up to $750 million. Allen, who has built a network of cable companies, may appoint two of the five directors for the company's board under the agreement. In the meantime, Go2Net is positioning itself for the alliance with Allen's cable empire. The company hired as its chief technology officer Oren Etzioni, a professor at the University of Washington and a co-creator of the Internet search engine MetaCrawler, which Go2Net acquired in 1997. Among other things, Etzioni will head up efforts to develop content for the high-speed broadband network that Allen's cable connections offer. Go2Net runs a network of business, stock, games and informational Web sites, including Silicon Investor, PlaySite and Go2Net.com.