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DoubleClick stands up NetCreation
Internet advertising company DoubleClick has announced it will terminate its merger with NetCreation, having refused to match a third party offer to buy outstanding shares in the email list management firm.
Internet advertising company DoubleClick has announced it will terminate its merger with NetCreation, having refused to match a third party offer to buy outstanding shares in the email list management firm.
NetCreation said it had received a $7 a share cash offer for all of its outstanding common stock from an undisclosed third party, beating the DoubleClick bid for the company. DoubleClick claims that under the terms of the October agreement, NetCreation is now required to pay $8.6m in break-up fees, plus expenses. The stock swap deal was valued at $191m. DoubleClick shares closed at $9.19, down 8.13 per cent yesterday, while NetCreation shares were up more than $2 to $6.66.