Shares of Media Metrix and Jupiter Communications continued to fall the week of June 26 following Media Metrix's agreement to buy the Internet research company. Media Metrix's stock traded at a 52-week low, below $21, after it announced its plans to acquire Jupiter. The stocks fell despite analysts' statements that the merger is a potent one combining complementary companies.
The all-stock acquisition was initially valued at $414 million. The merged company, which would be called Jupiter Media Metrix, would have a market value of more than $1 billion, the companies said. The companies said they plan to keep separate brand services while cross-selling products; the two share about 200 clients.
Copyright June 2000, Crain Communications Inc.