[MSNBC] @Home buys Excite.

I Find Karma (adam@cs.caltech.edu)
Tue, 19 Jan 1999 05:16:51 -0800 (PST)

Geez, Rohit, remember when Excite was Architext? And now "Cringely's
Gang-of-Six" got @Home to plunk down 6.7 BILLION BUCKS for their
company?! You gotta be kidding me. Fair market value of Excite is only
$3.7 billion -- this is like trading paper for paper.

Worse, Excite refused Microsoft and Yahoo to get bought out by @Home,
perhaps the company with the most overvalued stock price in the world
right now. What the heck is George Bell thinking? This sounds worse
than when MCI was willing to merge with Worldcom -- they STILL have
boatload of long term debt from all those leveraged buyouts that could
someday derail that company. What's next? Oh yeah, Vodafone is buying
Airtouch... geez...


> AtHome buys Excite for $6.7 billion
> By Emory Thomas Jr.,
> David Bowermaster, Bob Sullivan
> Jan. 19 -- AtHome Corp. announced early Tuesday that it has agreed to
> acquire Excite Corp. in a stock deal valued at $6.7 billion. The deal,
> first reported by MSNBC late Monday, is one of the largest ever in the
> Internet sector and is expected to close in the next three months.
> ...
> AtHome's stock price has risen 292 percent over the past 12 months,
> putting the company in a strong position to pursue deals.


Well, to tell you the truth, in all this excitement I kind of lost track
-- Dirty Harry