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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.

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.