Yahoo To Buy Inktomi For $235 Million (URL: ) By AP Sunnyvale, Calif. 11:38 AM EST Mon. Dec. 23, 2002 Yahoo said Monday it will buy online search engine pioneer Inktomi for $1.65 a share in cash, or about $235 million, representing a premium of about 41 percent from Inktomi's Friday closing price. Yahoo said it expects the acquisition to close in the first quarter and add to earnings within 12 months. Inktomi, based in Foster City, Calif., reported a loss of $131.6 million, or 87 cents a share, on revenue of $20.45 million for its fiscal fourth quarter ended Sept. 30. Intomi shares soared Monday morning on news of the buyout, jumping 37 percent, or 43 cents, to trade at $1.60, on the Nasdaq Stock Market. The stock hit a 52-week low of 23 cents on Oct. 1 and traded at a 52-week high of $7.97 back in January. Santa Clara, Calif.-based Yahoo shares traded Monday morning at $17.33, up 25 cents, or 2 percent, also on the Nasdaq. Copyright © 2002 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
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