Strife was meant to be Eisa

"Under the agreement, Eisa was required to have financing commitments in place last month. It is clear that Eisa is not in a position to meet that requirement," UUNet said in a statement released today.

Eisa's intended acquisition of OzEmail, worth an estimated $350 million, came to grief earlier this week when Fairfax online division f2 announced it had ended its memorandum of understanding with Eisa.

According to the deal, f2 was to pay $40 million to acquire a 5 per cent equity stake in Eisa at $2 per share.

Further strife hit Eisa today, as market spectators watched shares plummet well below 40 cants today, following yesterday's announcement that Eisa chairman John Pascoe and director Michael Ball had both resigned for medical reasons.

Prior to the stock market crash, Eisa shares were trading as high as $3.18, before plunging to 93 cents on the morning of April 17.

Other funding for the OzEmail acquisition was to come from Mike Fitzpatrick Hastings Funds Management, ANZ and Disney.

OzEmail is Australia's second largest ISP, claiming a subscribing customer base of 350,000.

UUNet said in its statement that it would consider other offers to sell off OzEmail "if the right opportunity was presented".

UUNet refused to comment and Eisa did not return IDG's calls.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Byron Kaye

PC World
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?