Globel Makes Bid to Purchase Cybersurf
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[Calgary, CANADA] Globel Direct has announced that it intends to make an offer to the shareholders of Cybersurf to purchase a minimum of 51 percent and up to 100 percent of Cybersurf's common shares.
Globel will offer Cybersurf shareholders one third of its common share for each common share of Cybersurf. That ratio was determined using the average trading value of each company's shares.
Founded in 1998, Globel is a national marketing and e-commerce services company, employing over 350 production, administration, programming, IS, sales, and marketing staff. It has grown rapidly to its current revenues in excess of $30 million.
Its corporate clients include AT&T, Time Life, Wi-Lan, Canon, MacLaren McCann/General Motors, Bell Canada, CIBC Mellon, Shell Canada, Telus, and Computershare.
As a result of the anticipated combination of Cybersurf and Globel, the new company will offer traditional and online communications services provider, including ISP, Portal and Internet development services, traditional and new media marketing services, as well as ASP/Web-hosting and e-commerce solutions for corporate clients.
Octagon Capital analyst Victor Rodberg has only recently issued a research report on Globel Direct with a "Buy" rating and a 12-month price target of $3.50. The report can be accessed under Research-Advanced Technology at the Octagon site, or under "What's New" on Globel's site.
For more InternetNews.com coverage of Cybersurf and Globel Direct, see:
- Canada Post, Cybersurf Deliver Free Internet Access, October 13, 2000
- Globel Direct Offers EBP With Payanybill.com, May 16, 2000
- Cybersurf Lands Investment Prior to Free Access Launch, July 28, 1999