AOL Faces Shareholder Opposition in $900M European Bid
This morning, Time Warner’s AOL submitted a bid to purchase Swedish online marketing company TradeDoubler, which would allow the American company to regain its foothold in Europe after selling off its European ISP division in October 2006. But not all shareholders agree with the strategy.
Swedish pension group Alecta, a major TradeDoubler shareholder, says they will vote against the deal, according to Reuters. A few other shareholders will also need some convincing. But TradeDoubler’s largest investor, Arctic Ventures, along with about 20% of investors, say they will vote in favor of the deal.
“Not only does our offer provide an attractive premium valuation,” says Time Warner COO Jeff Bewkes in a statement. “But it also will enable TradeDoubler to play a key role in our strategic focus on growing our online advertising business in Europe.”
AOL wants to combine TradeDoubler’s assets with those of its Advertising.com ad selling business in Europe.
AOL is offering TradeDoubler’s investors 215 Swedish Crowns per share, which adds up to about $900 million USD, a number that Alecta says is too low even though TradeDoubler’s board of directors recommends selling.
Tags: acquisitions and AOL
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