Jul, 2003 : NetNation and Hostway Finalize Share Price

📅 July 21, 2003 - NetNation (netnation.com 👉 Total Reviews: 3
🙌 Average Rating: 2 / 10
👍 Good Reviews: 0
👎 Bad Reviews: 3
👈 Official Responses: 0 -> hostway.com) announced today that it has finalized a price of US $1.65 for its planned merger with Hostway Corporation (hostway.com 👉 Total Reviews: 19
🙌 Average Rating: 2.5 / 10
👍 Good Reviews: 3
👎 Bad Reviews: 16
👈 Official Responses: 0).

Under the terms of the merger agreement, NetNation shareholders will receive US $1.65 per share, plus or minus US $0.025 per share for each full US $152,000 change in NetNation's cash from March 31, 2003 to June 30, 2003.
An increase in cash would correspond to an increase in share price, while a decrease in cash would correspond to a decrease in share price. As of June 30, 2003, NetNation's cash position had not changed by a full US$152,000 from March 31, 2003, and final consideration for the deal therefore remained US$1.65 per share.
NetNation received a favorable opinion from BDO Dunwoody LLP Chartered Accountants and Consultants last week declaring that the transaction was fair from a financial point of view.
"With the share price finalized and the receipt of the independent fairness opinion, we look forward to NetNation shareholder approval of the deal," said David Talmor, president and chairman of NetNation.
Chicago-based Hostway recently purchased NetNation in a $10 million deal. The merger between the two companies is expected to close in August 2003.
Based in Vancouver, Canada, NetNation is a provider of Web hosting and domain registration services.