CMGI Flees Engage, Withdraws Offer to Acquire Outstanding Shares of Engage
Press release from the issuing company
CMGI Execs resign from Engage Board; Engage Will Continue to Pursue Its Strategic Alternatives
ANDOVER, Mass.--June 21, 2002--CMGI, Inc. announced today that CMGI has withdrawn its proposal to acquire all of the outstanding publicly held shares of Engage. CMGI had publicly announced the proposal on May 21, 2002.
"During the month since we made the proposal, senior management of Engage and CMGI could not reach a consensus as to the execution of the business strategy for Engage. As a result, CMGI has decided to withdraw its proposal to acquire the remainder of Engage," said Thomas Oberdorf, Chief Financial Officer of CMGI. CMGI currently holds approximately 148 million shares of common stock of Engage (excluding shares issuable upon conversion of notes held by CMGI), which represents approximately 75.5% of Engage's outstanding shares.
In addition, David S. Wetherell, Chairman of CMGI, and George A. McMillan, Chief Executive Officer of CMGI, have resigned from the Board of Directors of Engage, effective immediately.
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