Acxiom Corp. said today that it agreed to acquire online marketing services provider Digital Impact for $140 million with the approval of the boards of directors of both companies.
Under the agreement, Acxiom, Little Rock, AR, will make an offer for all Digital Impact shares with the acquisition subject to at least 50.1 percent of the shares being tendered. The deal is expected to close within 30 days.
All directors and key officers of Digital Impact will tender their shares, the firms said. Shareholders will be entitled to receive $3.50 per share in cash for shares not purchased in the tender offer.
The deal was announced less than a week after Digital Impact Inc., San Mateo, CA, said it was in talks with undisclosed companies about possible mergers in a filing with the Securities and Exchange Commission.
Digital Impact had been the target of an unsolicited takeover attempt by infoUSA, Omaha, NE, which had offered $2 per share for the stock it did not already own.
Kristen Bremner covers list news, insert media, privacy and fundraising for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters