API-1-April-99 In an after market-close maneuver that surprised some Wall
Street analysts, Microsoft chairman William Gates announced that the computer
giant is buying the companies which implement and operate the Internet, namely
MCI, AT&T, and GTE with a $875 Billion offer of stock and cash. The combined
venture will be operated as a separate division of Microsoft until December
when it will be divested into a subsidiary company majority owned by Microsoft
and issue an IPO for its own stock. The IPO is expected to be one of the
hottest stock releases ever on the NASDAC exchange and analysts are projecting
a delayed opening and big bounce for MSFT in Thursday trading, although they
would not say whether it would be up or down.
When asked for comment, Mr. Gates would only say that "Its time that Microsoft
took control of what has up to now been a chaotic collection of communication
companies charging almost nothing for this valuable collaboration tool. We
plan to upgrade basic backbone service and to integrate Internet service more
directly into the Windows 2000 operating system, currently projected for
release in June of 2002. End users will see a much improved network response
with only a minor charge imposed for each packet transferred, probably just
pennies, on their monthly ISP bills. It will be a Good Thing for America and
Microsoft."
Some industry insiders were quick to protest or get on the bandwagon with the
wily Microsoft chairman. Enrico Pesatori, VP of marketing and sales at COMPAC
said "Now you know why we have been selling cable modems on all our mid-level
computers. Itza Good Thing". On the other side of the fence, Apple acting
chairman Steve Jobs said "Gates is turning the information highway into a toll
road at the expense of consumers. It is doomed to fail, but we will be
supporting the higher access speeds with MAC OS 10.0 when it is released."
Apple stock rose 4 3/4 in aftermarket trading based on the suggestion that
there would be a continuation of the MAC OS to a new release.
Justice Department spokesmen were asked for comment but would only say "We are
investigating whether any of these companies actually own these Internet
rights. There are credible counterclaims that the Internet is actually owned
by Vice President Albert Gore who created it. We will release a preliminary
press release on this issue in September."
Until recently there had been whispers on Wall Street that something was
cooking in Redmond, but most of the attention had centered on building
manufacturers Anderson, Pella, and Marvin in response to some high tech
analyst comments that Microsoft would diversifying in that direction, but that
was quashed last week when the rumored "Windows for Houses" business unit was
put to rest by Microsoft PR coordinators. "It was a non-starter apparently
caused when Chairman Gates purchased a significant percentage of their annual
production for installation in his new lakeside cottage. We will support
device drivers for elecrically controlled windows but it will NOT be an OS
extension and we have no business interests in that direction." At that time
Microsoft stock rose 14 points on the denial.
kathy
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