Digex exploring possible sale
Web hosting firm Digex today said it is exploring strategic alternatives, including a possible sale of the company. Leading this project is a special committee formed by the board of directors consisting of the company’s independent board members.
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Digex’s largest shareholder, WorldCom, has dominant voting rights on the board. According to a statement from John Dubel, chief financial officer at WorldCom, the company “fully support[s] the Digex board and the decision it has announced.”
News that Digex is considering selling itself should come as no surprise. The company’s stock is trading below 40 cents and. For the second quarter 2002, the company posted a net loss available to common stockholders of $119 million on revenues of $48.7 million.
Digex’s third quarter earnings report is scheduled to be released tomorrow. --Toby Weber, staff writer
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© 2012 Penton Media Inc.
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