Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

AOL won't up bid for Sweden's TradeDoubler

Share this article

15:57 CET+01:00
AOL has no plans to raise its 6.2 billion kronor bid for Sweden's TradeDoubler AB. Many analysts had expected AOL to up the bid when the Alecta pension fund, which holds a 10.01 percent stake in TradeDoubler, rejected the deal.

TradeDoubler is a provider of online marketing and sales solutions.

AOL's bid of 215 kronor per share values the company at 6.223 billion kronor, an offer that the company's board unanimously recommended to shareholders, according to a statement from AOL.

But Alecta, which on Monday bought 683,300 shares, giving it just over 10 percent of votes and capital, turned down the offer.

"We consider that the bid of 215 kronor per share does not reflect the value and growth potential we predict for the future," said Alecta's Peter van Berlekom in a press release.

Swedish takeover rules require the acquisition of two-thirds of a company's stock for overall control.

AOL's deal is conditional on approval from over 90 percent of TradeDoubler shareholders.

Get notified about breaking news on The Local

Share this article

From our sponsors

The ‘fairytale' boarding school nestled in a Swedish village

The words ‘boarding' and ‘school' often summon images of strict teachers, drab dormitories and downcast children. That image couldn't be further from reality at Sigtunaskolan Humanistiska Läroverket (SSHL), where boarders describe the ‘fairytale' school as a home away from home.

Advertisement