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PointCast rejects founder's buy-back offer

Deadline on second bid passed with no move from push company

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Former PointCast CEO Chris Hassett has been rejected by the company he founded after the ailing push technology provided let his second offer to buy the company lapse. Hassett made a bid for PointCast earlier this month, following the collapse of a deal with a consortium of US local telecoms companies (see PointCast ex-CEO looks to re-acquire company). That failure in turn led the company to axe one third of its work force as current CEO Phil Koen (not the guy behind the telco deal -- that was his predecessor, David Dorman) began his attempt to streamline the business to make it more attractive to investors and, more importantly, possible buyers. Hassett's bid, however, appears to have demanded too much control from the company's current leaders, and was rejected. Further negotiations led to a second bid, made on Monday. However, according to sources cited on US newswires, PointCast allowed the deadline on Hassett's latest offer to expire. The same source claimed Hassett has now abandoned his plan to buy the company. The search for a backer continues... ®

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