DoubleClick, @plan to Revise Terms
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DoubleClick Friday said it has revised the terms of its planned acquisition of Stamford, CT-based online media planning firm @plan.
Under the terms of the new agreement, @plan shareholders will receive $8 in cash or in a combination of cash and stock. In the latter case, @plan shareholders will receive an amount between $1.60 and $4.00 in cash, and the remainder in DoubleClick common stock.
The amount of cash and stock will be determined by DoubleClick.
"We are committed to the combination of two industry leaders," said @plan chairman and chief executive officer Mark Wright. "This reiterates the importance of continuing together to bring innovative solutions to our clients."
This news is in keeping with previously announced terms. According to the original agreement, each share of @plan was to be acquired for $9.25 in cash and stock -- twenty percent of the consideration in cash, and the rest in DCLK stock. The $9.25 per-share value was 28 percent higher than @plan's closing stock price on the day of the announcement, $7.25.
However, that exchange price was subject to adjustment in the event that DoubleClick's stock price falls below $23.87, before the meeting at which @plan's shareholders vote on the acquisition. At Friday's close, DoubleClick stock was trading at $15.19.
The merger is expected to be completed in the first quarter of 2001, pending regulatory and shareholder approval.
"This acquisition underscores the value of @plan to DoubleClick's business," said DoubleClick vice president of research Greg Ellis. "We are solidifying a transaction which brings world-class research solutions to the online marketing community."