The ISDEX finds a beat it can dance to as the Internet Stock Index soars to new highs led by billionaire Paul Allen’s up to $750 million buy in of Go2Net (NASDAQ:GNET) for up to 54% stake.
Allen’s Vulcan Venture unit agrees to buy $300 million in convertible preferred.
The venture firm will also make a tender offer for 5 million shares of GNET at $90. GNET soars 30% today on the news to $113.375. This was one of my top 10 picks for 1999. Others on that list that have been involved in major deals include GeoCities (NASDAQ:GCTY), Lycos (NASDAQ:LCOS), CMGI (NASDAQ:CMGI) as LCOS shareholder and as a new addition to the NASDAQ 100 as of March 18. Overall, the Internet firms are starting to be the center of all major M&A. I think there’s more major deal flow to come among the top 25 Web sites. Today’s snapshot:
HotWatch ’99 by Steve Harmon offers a monthly insight into the hottest stocks in the Internet, his top picks for 1999. Last year’s picks by Steve gained 312%. Each month a new report, delivered to you click here for more info –