I am most surprised by the lack of competitive response by AT&T and WorldCom. If AT&T had lowered rates they would have stable revenue instead of double-digit declines.
An AOL counter-bid is not out of the question. The nice thing about a Cox deal is that it would be part of AOL and part of its revenue and cash flow .
If that revenue stream goes away this would have a huge impact. Access actually generates positive cash flow. Excite would have a tough time sustaining operations going forward.
If they demonstrate improving revenue growth, they could get $20 a share.