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Lycos/USA Networks deal hits more stormy weather

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Lycos' proposed merger with USA Networks has hit yet another snag after a director at the portal's biggest shareholder announced his resignation from Lycos' board earlier today. David Wetherell, a director of Lycos since the beginning and the chairman and CEO of CMGI, said the resignation was effective immediately. "After further consideration, it is my opinion that the terms of the USA Networks/Lycos transaction are inadequate for Lycos shareholders," said Wetherell. "As such, I am resigning from the Lycos board in order to be free to explore the best options available to Lycos shareholders, including the possibility of Lycos remaining independent." A report in today's New York Times said the resignation is a deliberate attempt to scupper the proposed deal between Lycos and USA Networks. Wetherell's departure is yet another nail in the coffin for the Internet deal that went wrong almost as soon as it was announced last month. Shares plummeted by a third as investors bailed out from a deal they didn't seem to favour. A tip-off from sources close to the deal told The Register that the deal had collapsed within days of being announced, although this was vigorously denied by was executives at Lycos. And last week it was revealed that Lycos and its CEO Robert Davis are facing legal action for allegedly misleading investors over the deal. See earlier story. ®

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