SRVY: To Be Acquired by Microsoft for $17.50 Per Share
Submitted By Knobias ClipReport
By Fain Hughes, fhughes@knobias.com
Greenfield Online, Inc. (SRVY) has entered into a merger agreement to be acquired by Microsoft Corporation (MSFT) via a cash tender offer for $17.50 per share in a transaction valued at approximately $486 million. In addition, Greenfield Online announced that immediately prior to entry into the merger agreement with Microsoft it had terminated its previously announced merger agreement with affiliates of Quadrangle Group LLC, following the expiration of the matching rights granted to Quadrangle under the Quadrangle merger agreement. In connection with the termination of the Quadrangle merger agreement, Greenfield Online is required to pay Quadrangle a $5 million fee.
Microsoft has advised Greenfield Online that it has entered into an agreement to sell the assets of Greenfield Online’s Internet survey solutions (ISS) business to an unnamed financial buyer. The merger of Greenfield Online and Microsoft and Microsoft’s sale of the ISS business are expected to close simultaneously in the fourth quarter of 2008. The consummation of the Microsoft transaction is not contingent on the sale of the ISS business.
