Lycos Liquidates in Europe

Dec 16, 2008


Lycos Europe shareholders voted to liquidate the business. All proposed resolutions were adopted with the required majorities. In addition to the new strategy for the business units the general meeting approved a capital repayment of EUR 50,000,000.00 (this equals EUR 0.1605 per share) to be charged to the premium reserve as well as the proposed amendment of the articles of association. The capital repayment is expected to be made payable on 19 December 2008. The majority of the company was owned by Telefonica’s Terra internet arm (32 percent), Bertelsmann (20 percent), and CEO Christoph Monn (12 percent).