Sun, Bay Networks File to Sell @Home Shares
Sun Microsystems Inc., a computer maker, and Bay Networks Inc., a maker of computer-networking equipment, have filed to sell 175,000 shares of high-speed Internet access provider @Home Corp., whose shares have almost tripled this year. Palo Alto-based Sun filed to sell 100,000 Class A shares, worth $7.85 million based on Tuesday’s closing price of $78.50. Santa Clara-based Bay, which was purchased by Canadian phone equipment maker Northern Telecom Ltd. on Aug. 31, filed to sell 75,000 shares, worth $5.89 million. Sun and Bay both acquired @Home shares before the company had its initial public offering on July 11, 1997, an @Home spokesman said. He declined to say how many shares the companies own or how much they paid for them. Sun also filed to sell 400,000 shares in July. Sun and Bay officials weren’t immediately available to comment. Their filings came after No. 1 chip maker Intel Corp. filed to cut its stake in Internet companies Inktomi Corp. and CNet Inc., whose shares also have risen this year. Redwood City-based @Home, which is controlled by No. 2 U.S. cable operator Tele-Communications Inc., offers Internet users high-speed access over cable lines. The company’s shares have soared this year as investors bet that the number of Internet users will continue to multiply. @Home shares fell $7 to close at $71.50 on Nasdaq.