Short Take: PSINet acquires iStar

PSINet Limited, a Canadian subsidiary of PSINet, will acquire all of the outstanding common stock of iStar Internet for 86 cents per share, or about $25 million in PSINet convertible preferred stock. The transaction is expected to be completed within 60 to 90 days, and it is expected to be structured as an exchange offer or a merger.

Nov. 10, 1997 9:30 a.m. PT

, a Canadian subsidiary of PSINet, will acquire all of the outstanding common stock of iStar Internet for 86 cents per share, or about $25 million in PSINet convertible preferred stock. The transaction is expected to be completed within 60 to 90 days, and it is expected to be structured as an exchange offer or a merger.