***DoubleClick, @plan Renegotiate
Internet ad services firm DoubleClick Inc., New York, and market research firm @plan.inc, Stamford, CT, announced late today that they have revised the terms of their acquisition agreement originally announced Sept. 25.Under the terms of the amended agreement, @plan shareholders will receive $8 in value for each share of @plan common stock, according to a joint statement.
"@plan shareholders will receive consideration, at DoubleClick's election, consisting of either a combination of cash, in an amount between $1.60 and $4, with the remainder of the $8 in value in DoubleClick common stock (valued at its average closing price for the 10 trading days ending one business day prior to the closing date), or all cash," according to the statement.
The renegotiation represents an effort by @plan to get back the value lost from the original deal since DoubleClick's stock has dropped from in the 30s in September to around 15 last week, according to Dana Serman, research analyst at Lazard Freres Co. LLC, New York.
"This is not unprecedented in M&A deals. They're not going to come as cheaply as DoubleClick's current share price would imply," he said. "It's a renegotiation that is justified based on the decline in DoubleClick's stock since the deal was first announced. It shouldn't be a major surprise."
