L owns QVC..myabe go to the L board to see the news.. I sold my DISCA at 15.87 and bought more L at 7.74 23 Nov.. I now own 8,000 shares of L...
Liberty Media Buying Provide Commerce
By TSC Staff 12/5/2005 9:23 AM EST
Liberty Media (L:NYSE - commentary - research - Cramer's Take) agreed to buy Provide Commerce (PRVD:Nasdaq - commentary - research - Cramer's Take), an owner of Web sites that sell meat, fruit and flowers, for $477 million in cash, or $33.75 a share.
Shares of Provide were gaining $3.37, or 11%, to $33.60 in premarket trading Monday. Liberty, based in Englewood, Colo., closed Friday at $7.80.
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"Provide Commerce is a market leader in online perishable goods and through its advanced supply chain and superior execution, has built scale and a strong competitive position," said John Malone, Liberty's chairman and chief executive. "This is a testament to the caliber and dedication of the Provide management team and we are thrilled to welcome them to the Liberty family."
The proposed transaction should close in the second calendar quarter of 2006, Liberty said. Jovian Holdings, which controls about 29% of Provide's shares, has agreed to support the deal.
Liberty, whose businesses include including QVC, Encore and Starz, said as of Sept. 30, San Diego-based Provide had a cash balance of $60 million.