[6737] in cryptography@c2.net mail archive
VERISIGN ACQUIRES NETWORK SOLUTIONS
daemon@ATHENA.MIT.EDU (Arnold G. Reinhold)
Tue Mar 7 12:53:17 2000
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Date: Tue, 7 Mar 2000 12:13:26 -0500
To: <cryptography@c2.net>, <dcsb@ai.mit.edu>
From: "Arnold G. Reinhold" <reinhold@world.std.com>
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VERISIGN ACQUIRES NETWORK SOLUTIONS TO FORM
WORLD'S LARGEST PROVIDER OF INTERNET TRUST SERVICES
Mountain View, CA & Herndon, VA, March 7, 2000 - - VeriSign, Inc.
(Nasdaq:VRSN), the leading
provider of Internet trust services, and Network Solutions, Inc.
(Nasdaq: NSOL), the world's leading
provider of Internet domain name registration and global registry
services, today announced the
signing of a definitive agreement for VeriSign to acquire Network
Solutions in an all-stock purchase
transaction. This transaction combines two infrastructure leaders
whose trust services support
businesses and consumers from the moment they first establish an
Internet presence through the
entire lifecycle of e-commerce activities.
Under the agreement, VeriSign will issue 2.15 shares of VeriSign
common stock for each share of
Network Solutions stock as constituted prior to the 2-for-1 split of
Network Solutions stock to be
completed on March 10, 2000. The transaction, valued at approximately
$21 billion based on
yesterday's closing price of VeriSign common stock, has been approved
by both companies' Boards of
Directors and is subject to approval by VeriSign and Network
Solutions stockholders. The acquisition is
expected to close in the third quarter of 2000, subject to customary
conditions, including obtaining
necessary regulatory approvals. The resulting company expects to add
to its existing employee base to
exploit new market opportunities. At closing, Network Solutions will
become a subsidiary of VeriSign
and CEO of VeriSign.
[more at http://www.verisign.com/press/2000/corporate/netsol.html]
