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October 14, 1997updated 03 Sep 2016 4:22pm

INFOSEEK SHARES HEAD DOWN AFTER TAKEOVER TALK COOLS

By CBR Staff Writer

Shares in internet search company Infoseek Corp came back to earth Tuesday after hitting a 52-week high on Monday that was fueled by speculation that the company was in someone’s acquisition crosshairs. The acquisition talk sent the shares as high as $13.75 – its highest position since the company’s initial public offering in June 1996. Infoseek has declined comment on the share price movement and the possibility of an imminent deal. Time Warner Inc’s Pathfinder internet group, which was at the heart of the rumor, has similarly kept quiet, although sources close to the group say that it has no acquisition plans and intends to grow it business without any takeovers. Another rumored suitor, San Francisco-based internet publisher CNet Inc, has dismissed the notion that it is looking at Infoseek. The lack of anything solid to back up the chatter on Wall Street brought shares down as much as $1.25 before settling off $0.50 at $13.25.

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