Koch reveals Web play
The battle for the position as pre-eminent Internet personal finance site is hotting up with news the My Money Group, headed up by Money Management founder David Koch, is making a play for Channel E.
The battle for the position as pre-eminent Internet personal finance site is hotting up with news the My Money Group, headed up by Money Management founder David Koch, is making a play for Channel E.
Under the takeover bid, My Money Group will offer Channel E security holders, seven My Money Group shares for every six Channel E shares; and seven My Money Group options for every 6 Channel E options.
My Money Group chief executive and Money Management founder David Koch says the com-bination with Channel E will retain focus on My Money Group's core expertise in providing business and financial information to retail investors and small to medium businesses as well as providing access to investors to a comprehensive suite of financial and investment products.
"This will help create a combined entity with a diverse mix of products which complement each other in key markets," Koch said.
The bid comes at an interesting time for the My Money Group. It is currently developing an per-sonal finance Web site with the Seven Network’s i7 Internet subsidiary to be called Razoo. Koch says the acquisition of Channel E will help build the site’s content.
It also follows discussion between the My Money Group and financial planning industry doyen John Godfrey over a possible alliance involving a financial planning service linked to the My Money Web site.
If the Channel E bid is successful, the combined entity would have a market capitalisation of about $25 million and more than 100 employees.
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