Today’s Deals: CDNow Bailed Out

Alteon WebSystems + Pharsalia
Technologies
, Bertelsmann AG +
CDNow
, Chordiant + White Spider Software, Politics.com + Votenet

















































 Bertelsmann AG to acquire CDNow
(CDNW)

 

  
* 
Amount:
         $159
million

 

  
* 
Terms:
           
100% cash

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
        E-tailers

 

  
* 
Scorecard:
      C

 



    GUTERSLOH, Germany, July 20–Bertelsmann AG, an international
    media company, and CDNow , an online music
    destination, announced a definitive merger agreement under which Bertelsmann will acquire CDNow in an all-cash tender offer for $3.00
    per share, or approximately $117 million, as well as approximately $42
    million to pay off existing loans and to fund CDNow’s ongoing operations
    until the close of the transaction. CDNow will become a wholly-owned
    subsidiary of Bertelsmann e-Commerce Group (BeCG), becoming Bertelsmann’s
    primary engine for all music commerce across online, and will continue to
    operate under the CDNOW brand. Read analysis of this deal in Kelly Black’s
    DealTracker.


     

 
































 Chordiant (CHRD) acquires White Spider
Software

 

  
* 
Amount:
         $8.1
million

 

  
* 
Terms:
           
476,525 shares

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
        Performance
software

 

  
* 
Scorecard:
      B-

 



    CUPERTINO, July 20–Chordiant Software
    announced it has acquired New Hampshire-based White Spider Software,
    a specialist in Internet knowledge management and next generation XML-based
    software applications. White
    Spider’s
    technology and expertise will extend Chordiant’s multi-channel offering to
    include intelligent, automated email response capabilities and will be
    integrated with Chordiant’s eCRM solution by the fourth quarter of 2000.
    Chordiant acquired privately-held White Spider in a stock-for-stock
    purchase, where 476,515 shares of common stock were exchanged for all
    outstanding White Spider shares and assumed stock options.


     

 
































 Alteon WebSystems (ATON) to acquire Pharsalia
Technologies

 

  
* 
Amount:
         $221
million

 

  
* 
Terms:
           
100% stock

 

&nbsp


* 
Premium:
        n/a

 

  
* 
Industry:
       
Speed/Bandwidth

 

  
* 
Scorecard:
      B+

 



    SAN JOSE, July 20–To further address the rapid convergence of Web
    switching and Web computing, Alteon WebSystems
    announced that it has completed the acquisition of privately-held
    Pharsalia Technologies, an innovator of new content delivery
    products, for approximately $221 million in a stock-for-stock exchange.
    Pharsalia stockholders will exchange all of their common stock and options
    for common stock and options of Alteon.


     

 
































 Politics.com (POCO) to acquire Votenet from
Netivation.com (NTVN)

 

  
* 
Amount:
        
Undisclosed

 

  
* 
Terms:
           
100% stock

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
       
Content/Communities

 

  
* 
Scorecard:
      C

 



    TEMPE, Ariz., July 20–Politics.com , a
    political Web site, announced it has agreed to purchase the Voten

    et
    division of Netivation.com in an all stock
    transaction. Votenet is a provider of
    Internet products and services to public policy and political
    organizations. Following the closing, Politics.com will be called Votenet
    Solutions, Inc. The deal calls for Netivation to end up owning
    approximately 80% of Politics.com.


     

 

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