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 The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
|
10 Challenges That HP Wants Partners To Tackle Right Now CRN speaks with HP's business unit chiefs to get a sense of where they'd like partners to focus in the coming year, as well as how CEO Meg Whitman is making a difference. |
|
VAR500: IBM Strikes Deal With Ukraine Bank; HP Bolsters Health-Care Practice CRN VAR500 solution providers win health-care contracts, work on European banking solution, create a platform for microlending, sharing info on cloud computing and more. |
|
Five Companies That Dropped The Ball This Week For the week ending Feb. 3, CRN looks at five companies that were either asleep at the wheel or just didn't make good decisions. |
 More
Slide Shows |
