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Here is an analysis that was posted on another board that might help people understand this merger.

Has anyone else done an analysis they can share?

Person 'A' owned $1000 of ZDZ at close 07/18/00 @ $12.875 per share
Person 'B' $1000 of ZD close 07/18/00 @ 11.375 per share
Use CNET close of $32.1875 per share 07/18/00

Person 'A' has 77.67 shares of ZDZ x .5932= 46.07 shares of CNET= $1483

Person 'B' has 87.91 shares of ZD x .3397= 29.864 shares of CNET= $961.24
Person 'B' gets $2.5 dividend per ZD share = $219.78
Person 'B' gets +-$3 per ZD share on sale of KeyMedia = $263.74
Person 'B' = $1444.76

Difference Person A & B= $38.25
The ZD holder gets about 2.6% less

The big question for ZD holders, is the exact proceeds from the Key3media sale.
Getting <$3 makes things worse for ZD holders, and the higher CNET
goes the more ZD holders will loose compared to ZDZ holders for example:
If CNET gets to $42 and ZD holders get $3 for keymedia
ZDholders would be %10 less than a ZDZ holder.
I think these numbers are good but always do your own calculations.

Please post any links regarding the use of proceeds from the key3media sale.


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