NetCreations Pays Acquisition Breakup Fee, Postpones Shareholders Meeting

Share this article:
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.
Share this article:
close

Next Article in Digital Marketing

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Digital Marketing

News Byte: CX Scores to Take Their Place Beside Price Listings

News Byte: CX Scores to Take Their Place ...

E-commerce aggregator PriceGrabber will begin offsetting price info with service expectations.

Data Byte: Interactive Ad Revenues Exceeding TV for the First Time

Data Byte: Interactive Ad Revenues Exceeding TV for ...

At nearly $43 billion, interactive advertising revenues exceeded broadcast for the first time in 2013.

Marketers: Data Rich and Knowledge Poor

Marketers: Data Rich and Knowledge Poor

While advertisers have become incredibly data-savvy, the most difficult challenge remains causally linking that data to outcomes that really matter.