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US online answer engine Answers.com (NASDAQ:ANSW) said its board turned down a speculative takeover approach from US entrepreneur Brad Greenspan, saying it would continue to back the sale to AFCV Holdings, as it best serves the shareholders interest.
The board has also said that the unsolicited bid would not ultimately be superior to that from AFCV, which had agreed to pay USD10.50 per share in cash at closing, valuing Answers.com at USD127m.
The shareholders meeting scheduled for 12 April to vote on the AFCV deal was postponed until 14 April to allow Answers.com stockholders time to consider the response to Greenspana[euro](tm)s proposal, the company said.
US online answer engine Answers.com (NASDAQ:ANSW) said it has received early termination of the Hart-Scott Rodino (HSR) waiting period for its takeover by AFCV Holdings, a portfolio company of local investor Summit Partners, for USD127m (EUR91.2m) in cash.
The owners of series A and series B convertible preferred stock will get a cash payment based on the number of the common stock into which those units are convertible at the time of the transaction.Country: , USASector: IT/Online ServicesTarget: Answers CorporationBuyer: AFCV Holdings LLC, Summit Partners LPDeal size in USD: 127mType: Corporate acquisitionFinancing: DebtStatus: AgreedComment: The company receives early termination of the HSR waiting period.
UBS Investment Bank and Kramer, Levin, Naftalis & Frankel advised Answers.com on the transaction, while Jefferies & Company and Wilson Sonsini Goodrich & Rosati consulted AFCV Holdings.Country: , USASector: IT/Online ServicesTarget: Answers Corporation Buyer: AFCV Holdings LLC, Summit Partners LPDeal size in USD: 127mType: Corporate acquisitionFinancing: DebtStatus: AgreedBuyer advisor: Jefferies & Company Inc, Wilson Sonsini Goodrich & Rosati
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