Greenfield Receives New Takeover Bid

In the US, Greenfield Online has announced that in addition to the offer made by investment firm the Quadrangle Group to buy the company, a second offer has been submitted by an unnamed party to acquire its stock for $17.50 per share.

In June, Quadrangle agreed to buy all Greenfield's outstanding stock for $15.50 per share, which valued the firm at around $426m (£217m). At the time, Greenfield initiated a 'go-shop' period, which allowed it to consider any superior proposal made before 4 August.

Investors Springhouse Capital and Pennant Capital subsequently complained that the bid undervalued the firm, and suggested that the appropriate value should be $25 per share.

The new offer is subject to the parties finding a 'mutually acceptable definitive agreement', and Greenfield says that there is no assurance that the proposal will result in a transaction.

Greenfield's Board stressed that for the time being, the merger agreement with Quadrangle remains in place and said that that under the terms of the agreement, the investment firm has the right to be advised of the terms of any alternative acquisition proposal.

Quadrangle will also be given the opportunity to negotiate improvements to its own merger agreement before Greenfield can terminate it to enter into discussions with any other party.

Web site: www.greenfield.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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