Cybercash mulls competing $20 million bids

Cybercash mulls competing $20 million bids

Electronic payments processor CyberCash says it has received two competing bids of just over $20 million for its operating assets following the completion of a Chapter 11 bankruptcy auction.

The company says it is poring over the bids in order to determine which is the most favourable. The identity of the two bidders is not being disclosed pending resolution of the auction.

The winning bid is subject to approval by the company's board of directors and the bankruptcy court, both of which are expected by 17 April, 2001.

Excluded from the transaction are CyberCash's financial assets, including its interest in CyberCash KK, a Japanese payment processing joint venture with SoftBank, as well as its investments in Commission Junction, Xcom and Outbounder, (formerly UUCom). CyberCash says it intends to sell these assets through subsequent auctions in the next two months.

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