THINK Said To Be On The Block
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New York City-based interactive agency THINK New Ideas reportedly is on the block and already has four or five suitors, according to published reports.
The Silicon Alley Reporter said management is "actively looking" to sell the company and has a number of interested buyers, according to sources in and around the company.
One bidder is expected to be New York-based Razorfish, the newsletter said. According to a source close to THINK, Razorfish is willing to pay $22 per share for THINK stock, upping the last high-bidder who was willing to pay $19 per share. THINK's stock closed Friday at $15, up a quarter.
A Razorfish spokesperson could not comment, citing the company's SEC-mandated quiet period, which ends Monday. Razorfish went public last month, earning $48 million on the sale of 3 million shares priced at $16.
The newsletter said Razorfish may be interested in THINK for its strategic value -- both Time Inc. New Media and IBM are top-10 clients for THINK. Razorfish derived the majority of its $13.8 million in revenue last year from a handful of large clients including CBS, AT&T, Road Runner and Charles Schwab.