Spanish Internet firm Terra Lycos has received four offers for its U.S. portal Lycos, a company source said on Tuesday.
"We are weighing the sale of Lycos. No decision has been taken yet but Terra has four offers and we expect a decision will be taken in the short term," the source told Reuters without giving further details.
Msg#: 4798 posted 12:35 pm on Jun 22, 2004 (gmt 0)
Bit of fuss over here in Spain over that - the shareholders are complaining that Telefonica is trying to reduce quietly reduce it's debt exposure without considering them.
Be interesting to see if they put up the expected resistence to any sale...
[edit - added below] [expansion.com...] [in spanish from May when Telefonica annouced their intention to sell]
Basically, Accter.com (terra lycos shareholders Union) says that the sale of lycos would be a steady move towards the illegal liquidation, and eventual closure of terra, and is a move designed to bolster shares of Telefonica, at the expense of terra lycos shareholders. [/edit]
Looking at the financial results for the group in 2003 it shows that the US arm of their operations (mainly Lycos Inc.) was performing far worse than the rest of their portfolio with a decrease in revenue of 35% from 2002 to 2003.
Any ideas how Lycos Inc. is performing so far this year?