Yahoo! Acquires Group E-Mail Provide

Thursday June 29 by Claudia
Yahoo! (NASDAQ:YHOO) will issue more than 3.4 million shares of common stock in exchange for all outstanding shares, options and warrants of eGroups. The acquisition, which is subject to the approval of eGroups' stockholders and regulatory approval, will be accounted for as a pooling of interests and is expected to be completed in the third quarter. Yahoo!, who kicked off the week by unveiling its corporate portal initiative, adds a leading provider of group e-mail communications with the eGroups acquisition. In conjunction with Yahoo! Clubs, Yahoo! Mail and Yahoo! Messenger, the deal points to the portal giant's strategy to become a leading communications provider on the Net.

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