AOL Withdraws Its Recommended All Cash Offer for TradeDoubler
AOLS Holdings withdraws its offer as it is clear that the 90 percent condition has not been fulfilled
AOL LLC (“AOL”), through its indirect wholly-owned subsidiary AOLS Holdings AB, a private limited liability company organized under the laws of Sweden (“AOLS Holdings”), announced on January 15, 2007 a public cash offer to the holders of ordinary shares and warrants in TradeDoubler AB (publ), a public company organized under the laws of Sweden (“TradeDoubler”), to tender all TradeDoubler ordinary shares and warrants of series 2004/2007 and series 2006/2010 (other than warrants held by TradeDoubler or any of its subsidiaries that were not allocated as of January 15, 2007 in respect of employee compensation programs) to AOLS Holdings (the “Offer”).
On February 26, 2007, AOLS Holdings announced that it had received all necessary clearances from relevant competition authorities in order to proceed with completion of the Offer and the acceptance period was extended until March 14, 2007.
By March 14, 2007, the final day of the extended acceptance period of the Offer, AOLS Holdings had received acceptances relating to a limited number of shares in TradeDoubler.¹ As stated in AOL’s January 15, 2007 announcement of the Offer, completion of the Offer is conditional upon, among other things, the Offer being accepted to the extent that AOLS Holdings becomes the owner of more than 90 percent of the total number of shares in TradeDoubler on a fully diluted basis. As it is clear that this condition is not satisfied, AOLS Holdings has decided to withdraw the Offer.
¹AOLS Holdings has however received acceptances relating to a large number of warrants that were subject to the Offer.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.