NetCreations Pays Acquisition Breakup Fee, Postpones Shareholders Meeting

Share this content:
NetCreations Inc., New York, said yesterday that it paid DoubleClick Inc. $8.6 million as part of the termination fee stipulated in their previous acquisition agreement.


The company also is to be paid certain expenses associated with the failed agreement, which DoubleClick estimates to be between $850,000 and $900,000.


The opt-in e-mail services provider also postponed its shareholders meeting that was scheduled for today. Instead it will prepare, file and distribute proxy solicitation materials associated with its acquisition by SEAT Pagine Gialle SpA.


The meeting was originally set to vote on the proposed acquisition by DoubleClick, New York. That deal was terminated last week after NetCreations received an all-cash offer for $7 per share from SEAT Pagine Gialle.


NetCreations said it has not yet set another date for its shareholders meeting.


As a condition of their agreement, SEAT Pagine Gialle required NetCreations' two largest shareholders -- president/CEO Rosalind Resnick, who owns 36.3 percent of the company's shares, and chief technology officer Ryan Druckenmiller, owner of 35 percent -- to furnish proxies to vote shares consisting of about 65 percent of NetCreations' outstanding common stock.


Approval by at least 66 2/3 percent of NetCreations' shareholders is needed for the acquisition to proceed.
Loading links....
close

Next Article in Digital Marketing

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here