NEW YORK (CNM) -- Hyperbaud Communications agreed Tuesday to buy WorldWire Online for about $40 billion in stock, creating an Internet giant that will serve one of every three American households that dial up to go online.
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| Hyperbaud shares Tuesday after the merger announcement |
The combined company will be called HyperWorld. Executives said customers would see "a seamless transition, faster connections and a free mouse pad."
Wall Street reacted cautiously; Hyperbaud shares fell 6 percent. Consumer advocates said they would watch for higher prices. "Somebody will still have to answer the phone when the modem screams," said one.
The deal must be approved by regulators and by shareholders, as well as, according to Hyperbaud's chairman, "the 2 million people who still have our CD-ROMs as coasters."
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