Excite to Acquire Matchlogic for Stock

Internet media company Excite Inc. said it will buy online advertising firm Matchlogic Inc. for 3.2 million shares of Excite stock. The company valued the acquisition at $89 million, but a recent run-up in Excite’s stock price values the deal at $107.2 million, based on Wednesday’s closing share price of $33.50. Company officials were not immediately available to say whether Excite would issue 3.2 million shares or pay $89 million in stock. Excite’s stock price has risen more than 50% in the last month. On Thursday, Excite shares surged $4 to close at $37.50 on Nasdaq.