P.M. BRIEFING : Firm Acquires Option on UPI Stock
From Times wire services
NEW YORK —
Infotechnology Inc. said today that it has an option to purchase 99% of United Press International’s parent company as a result of acquiring all of WNW Group Inc., which operates the news agency.
In a filing with the Securities and Exchange Commission late Wednesday, it was revealed that the value of the transaction, which involved the conversion of 100 outstanding shares of WNW stock into a total of 1.49 million Infotech common shares at $10.80 apiece, was $16.15 million.
