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.
Citing corporate policy, THINK New Ideas spokesperson Dan Nicholas told SAR
he could not comment on the Razorfish bid.
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.