ZULU-tek Refutes Rumor of Takeover by DoubleClick
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ZULU-tek Inc. issued a statement Monday saying it has been "deluged with calls" regarding a rumor that DoubleClick Inc. is buying ZULU.
ZULU said it intends to maintain its independence and continues to review its options to list shares on NASDAQ's national market system or the American Stock Exchange and expects to retain a major investment banking firm shortly.
DoubleClick went public in an IPO on Friday. The stock soared, and closed yesterday at $30, up $3.25. DoubleClick executives could not be reached late Monday for comment on the rumors.
A ZULU spokesman said in a statement: "We acquired SOFTBANK Interactive Marketing Inc. (SIM) on Dec. 31, 1997 and have since then streamlined operations and merged ZULU's echoMEDIA Technology into SIM."
Revenues for ZULU/SIM combined were $39.0 million for 1997 vs. DoubleClick's $30.6 million, ZULU said.