DoubleClick Inc. said that it has
completed its merger with NetGravity Inc. following approval by the
stockholders of NetGravity.
Under the terms of the merger agreement, holders of NetGravity stock are
entitled to receive 0.28 shares of DoubleClick common stock for each share of
NetGravity common stock pursuant to a fixed exchange ratio.
DoubleClick will issue approximately 5 million shares to complete the
exchange. Based on DoubleClick’s closing price of $128 15/16 on Oct. 25,
1999, the transaction is valued at approximately $650 million, and the
combined market capitalization of the two companies is approximately $5.8
billion.
The NetGravity business will be included in the DoubleClick
Technology Solutions division of DoubleClick Inc.
“The merger with NetGravity will allow us to offer two distinct ad serving
solutions to publishers and advertisers,” said Kevin O’Connor, chairman and
chief executive officer of DoubleClick.
“The combination of our companies, along with the pending
Abacus Direct merger, enables us to deliver the right message to the right
consumer at the right time, and help companies maximize the return on their
advertising and marketing investment.”
