Excite is facing two lawsuits following its rejection of a takeover offer from Zapata, as rumours abound that Disney or Time Warner may buy a stake in the Internet search company.
The two suits, brought by Lazer Blisko and Taam Associates, allege breach of duty to Excite's shareholders. Both companies request that Excite acts to protect its shareholders by co-operating with "interested parties that would maximise the shareholder value", even if this means a merger or takeover.
The companies claim that Zapata?s $72 per share offer was more than acceptable, considering it is about $20 per share above the current Wall Street value of Excite's stocks.
Zapata owns food packaging businesses but has recently acquired two online publications as part of its strategy to build up Internet operations. This strategy has been spearheaded by a ?Zapata will buy your Web site? advertising campaign.
The lawsuit comes at a time when rumours are circulating that entertainment companies Disney and Time Warner are both interested in buying a minority stake in Excite. According to US reports, Disney is considering buying a stake of up to 40 per cent in a bid to add much needed traffic to its Web offerings.
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