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Company Report: VeriSign Dips, Network Solutions Zips as They Unite
VeriSign (VRSN Quote) shed 47 7/16, or 19.2%, to 200 after it agreed to acquire Network Solutions (NSOL Quote) in a stock deal valued at roughly $21 billion. Network Solutions popped 46 25/32, or 13%, to 407 13/32, trading as high as 437 1/8 intraday. According to the terms, VeriSign said it would issue 2.15 shares for each share of Network Solution, which values Network Solutions at $532 a share.
The acquisition will be completed in the third quarter of fiscal 2000. Jim Rutt will stay on as Network Solutions CEO and report to VeriSign President and CEO Stratton Sclavos.
For more on this story, check out coverage from TheStreet.com/NYTimes.com joint newsroom.
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