Microsoft, AOL, MediaOne in secrecy pact on Comcast bid.
Published:
9 May 1999 y., Sunday
Cable company MediaOne announced on Friday that it has entered into confidentiality agreements with Microsoft and America Online that allow MediaOne to share information about its proposed merger agreement with Comcast. When asked why Microsoft and AOL entered into the pacts, MediaOne spokesman D. Wood said, "There are reports they_re interested in making a bid as well. They need details of the Comcast agreement so they can determine what they want to do." Public relations officials from Microsoft and AOL did not return phone calls seeking comment on Friday. In March, Comcast announced its proposed $60 billion stock swap agreement, which the board of directors from both companies had already approved. Under the Comcast agreement, MediaOne has until May 5 or May 6 to consider, but not solicit higher bids, Wood said. Last week AT&T offered up a rival bid for MediaOne, a cash and stock deal valued at about $62.5 billion.
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