Excite@Home will issue about 8.3 million shares to iMall shareholders, who will receive 0.46 share for each share. The transaction values iMall at about $23.69 a share. Excite@Home fell 2.31 to 51.5 yesterday, while iMall rose 2.06 to 22.31.
Redwood City, California-based Excite@Home had sales of $154 million last year, while Santa Monica, California-based iMall had sales of $1.6 million. Neither company is profitable.
Copyright 1999, Bloomberg L.P. All Rights Reserved.