AOL drops Tradedoubler bid

American internet giant AOL has given up on its attempt to buy Swedish company Tradedoubler.

AOL’s bid for the internet advertising company fell flat after it failed to secure the support of shareholders representing more than 90 percent of the shares in Tradedoubler.

The company had in February extended its bid of 215 kronor per share, after competition authorities approved the deal.

Tradedoubler’s board had encouraged shareholders to accept the deal, but the Swedish Shareholders’ Association (Aktiespararna) was among those recommending shareholders to reject the deal.