IP: Verisign to acquire NSI

[Dave Farber <farber () cis upenn edu>]

> Verisign to acquire Network Solutions
>
> By Jeffry Bartash, CBS MarketWatch
> Last Update: 8:50 AM ET Mar 7, 2000
>
> NEW YORK (CBS.MW) -- Shares of Network Solutions rocketed in pre-market 
> trading Tuesday after VeriSign said it will buy the Internet domain 
> registrar in a stock deal valued at about $21 billion.
>
> Under the agreement, Verisign will issue 2.15 shares for each share of 
> Network Solutions. Based on Monday's closing prices, that values Network 
> Solution at $531.99 a share, or a 48 percent premium. See press release.
>
> In premarket trading, Network Solutions (NSOL) exploded 81 7/8, or 23 
> percent higher, to 442 1/2 over the Island ECN. Shares of Verisign (VRSN), 
> a maker of Internet-security software, fell 20 7/16, or 8.3 percent, to 227.
>
> After the acquisition closes, Network Solutions will become a subsidiary 
> of VeriSign. Network Solutions Chief Executive Jim Rutt will remain head 
> of that unit. Verisign CEO Stratton Sclavos will run the combined entity.