Stock Watch: AppNet Falls After 'Premature' Merger Announcement

AppNet, Inc. (Nasdaq: APNT) fell 4 9/16 to 34 1/2 Monday after the Internet consulting firm said a statement saying that Commerce One, Inc. (Nasdaq: CMRC) would acquire the company was "inadvertently" issued.

Both AppNet and Commerce One confirmed that they are in talks about a possible combination, but said a statement announcing a definitive merger agreement was inaccurate. "Significant issues remain unresolved," and there can be no assurance that an agreement will be reached, Commerce One said.

A press release issued early Monday said that Commerce One would buy the Bethesda, Maryland-based AppNet for $1.38 billion in stock. Commerce One said it would have no further statement unless an agreement is reached.

Commerce One rose 11/16 to 51 7/16.