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Applied Digital to Acquire Atec:

May 06, 2000|Bloomberg News

Applied Digital Solutions Inc. agreed to buy computer maker Atec Group Inc. for about $60 million in stock. Applied Digital, which helps companies set up online businesses, will exchange 1.25 of its shares for each Atec share. The agreement replaces one reached last month for Hauppauge, N.Y.-based Atec to buy 30% of Applied Digital's IntelleSale.com unit. Shares in Atec soared $2.03, or 69%, to close at $4.97, and shares in Palm Beach, Fla.-based Applied Digital fell 47 cents to close at $5.53, both on Nasdaq.

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