Cross Media to Acquire LifeMinders for $68M in Cash, Stock

Share this article:
Online direct marketing agency LifeMinders Inc., which in May announced it was seeking a merger partner, has found one in New York-based Cross Media Marketing Corp.


Cross Media said yesterday that it would pay $68.1 million in cash and stock for LifeMinders. The stock portion of the deal is worth $2.43 a share to LifeMinders stockholders, who can elect to receive either all cash, all stock or a mix of 18 percent cash and 82 percent stock. The deal is contingent upon LifeMinders maintaining at least $50 million in cash and equivalents on Aug. 31. If it does not, Cross Media said it would deduct $1.75 million from the purchase price.


The deal is expected to close early in the fourth quarter.


LifeMinders, based in Herndon, VA, drastically scaled back its operations in May to concentrate on its personalized, targeted e-mail business. It said then that it was seeking a merger or buyout partner and that if it did not find one, it would go out of business. It reduced its workforce to about 35 from a high of 230.


Cross Media said Jonathan Bulkeley, LifeMinders' chairman/CEO, will join the Cross Media board and will take a seat on its executive committee.


Share this article:
You must be a registered member of Direct Marketing News to post a comment.

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Agency

Are You Really Ready for Customer Experience?

Are You Really Ready for Customer Experience?

Marketers can talk a good game about customer centricity, but actions speak louder than words.

Essentials in Content Marketing: Think like a best-selling author

Essentials in Content Marketing: Think like a best-selling ...

Imagine if all the electronic content thrown your way daily was actually printed on paper. To stand out from those piles of worthless pixels, you must offer your audiences intriguing ...

The Mobile-Email Marriage

The Mobile-Email Marriage

Marketers who considered leaving email at the altar are finding renewed passion for the channel as an ever-increasing number of customers triage, read, and click-through email on their smartphones.