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February 18th, 2003, 03:22 PM #1
- Join Date
- January 18th, 2005
- St Clair Shores MI.
Tue February 18, 2003 06:34 PM ET
PASADENA, Calif. (Reuters) - Internet search company Overture Services Inc. OVER.O on Tuesday said it would buy Internet portal AltaVista Co. from CMGI Inc. CMGI.O for $140 million in cash and stock.
The news sent Overture shares, which had closed 3.6 percent higher at $22.79 on the Nasdaq, down to $20.80 in after-hours trade. CMGI shares rose to $1.02 from their closing Nasdaq price of 83 cents.
Overture, which provides a way for advertisers to bid for well-placed spots among Web search results distributed to its partners such as Yahoo Inc. YHOO.O and Microsoft Corp.'s MSFT.O MSN, said it would pay AltaVista with common stock currently worth $80 million plus $60 million in cash. It also said it would assume some of AltaVista's liabilities.
In a conference call with analysts, Overture Chief Financial Officer Todd Tappin said the deal, which is expected to close in April, "would be dilutive in the near-term."
The acquisition is expected to add to Overture's earnings by mid-2004, he said.
If they won't adopt and feed a bird ..flip them one! BBQ some Gator and remember to flush WhenU..
February 19th, 2003, 02:13 AM #2
CMGI lost 94% of their investment on the way.
But really.. who cares? AltaVista is virtually dead and Overture seems to want to concentrate on online casinos and Viagra.
Yahoo + Inktomi = Interesting
Google + Nothing = Fine by itself
LookSmart + Wisenut = Bad news for Wisenut
Overture + AltaVista = Rearranging deckchairs on the Titanic
Please leave my port 137 alone.
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