CMP stock skyrockets

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Shares in CMP Media soared today, rocketing 42% to $27 a share by midafternoon, following CMP's announcement late Feb. 10 that it hired Lazard Freres & Co. "to explore strategic alternatives for the company including but not limited to a sale or merger".

President-CEO Michael Leeds, who contended Wall Street had been undervaluing the Manhasset, N.Y., tech media company, said CMP hasn't set a deadline for a possible sale. Mr. Leeds said CMP made the move after being approached in recent months by "a wide variety" of companies that he declined to identify. Mr. Leeds said Feb. 10 that CMP hadn't begun formal talks with anyone since hiring Lazard Freres, contrary to a report in the Ad Age Daily Fax.

Copyright February 1999, Crain Communications Inc.

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