AT&T drops bid for Excite@Home
C|Net | at | by Mike
AT&T on Tuesday withdrew its $307 million bid to purchase the cable assets of Excite@Home. As earlier reported, the move essentially snuffs the brightest star of the late 1990s Internet stock boom and means the transfer of millions of customers of the 3-year-old broadband network to established cable companies.
"Excite@Home will be moving from an asset purchase with AT&T to transitioning services" to the cable companies with which Excite@Home partnered, a source close to the broadband company said. AT&T, which controls a 79 percent voting interest in Excite@Home, had been the only bidder for its assets since Excite@Home declared bankruptcy Oct. 1.