TN said it currently owns 11.1 million shares in Modem Media, representing an approximate 46% ownership stake. It said it would offer 2.5 million of those shares for sale, reducing its stake to 34%. TN's 2.5 million shares would be part of an offering that would involve a total of 4.5 million Modem Media shares.
Modem Media closed at $42.50 per share in Nasdaq trading March 16. At that price, the 4.5 million shares would be worth $191.3 million. TN's 2.5 million share sale would be worth $106.3 million.
Copyright March 2000, Crain Communications Inc.