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Today VeriSign, Inc. announced that it has entered into a definitive agreement to sell Network Solutions to a new entity formed by Pivotal Private Equity.
[edited by: MarkHutch at 2:46 pm (utc) on Oct. 16, 2003]
Remember when NetSol was bought by Verisign for something like $20 BILLION! Now the registrar part is only worth $100M. RCOM must hate this... It shows that they must be worth less then $100M. Way over valued RCOM is going to drop on this.
RCOM closed trading today at $4.72. According to their recent financials, they had $4.40 per share in cash on their books with zero debt. Essentially, you are buying their business for 32 cents per share or about $13 million after you subtract the cash from the market capitalization. Definitely a bad idea to be shorting this one. If anything, this stock is now in play.