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.