Knobias Clip Report (09-19-2008) WEBB
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Submitted By Knobias ClipReport
WEBB: Sale of Jabber, Inc. to Cisco Systems
By Fain Hughes, fhughes@knobias.com
Webb Interactive Services, Inc. (WEBB) announced that Cisco Systems, Inc. (CSCO) has entered into an agreement for the acquisition of Jabber, Inc., a minority-owned subsidiary of Webb. The acquisition is expected to close in the first half of Cisco’s fiscal year 2009, which ends in January 2009.
Based on a preliminary estimate of the proceeds available to Webb following the closing, Webb expects to be able to make a cash distribution to its shareholders of approximately $0.32 per share.
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