AOL won't up bid for Sweden's TradeDoubler
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.
Comments
See Also
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.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.