After Spurning DoubleClick, NetCreations to Be Acquired By Italian Firm
Email marketing firm
NetCreations
(NTCR)
, which last week nixed an agreed-upon merger with
DoubleClick
(DCLK)
when an unnamed suitor emerged, said Tuesday it had agreed to be acquired by Italy's
TheStreet Recommends
SEAT Pagine Gialle Spa
.
The Italian Internet service provider will pay $7 a share in cash for NetCreations' outstanding common stock, or about $111 million. NetCreations has about $30 million in cash on its balance sheet.
Double Click offered to buy NetCreations in October in a stock swap valued at $191 million. But the price tag declined as DoubleClick's stock fell from $26 a share at the time of the agreement to under $10 recently.
NetCreations is required to pay an $8.6 million break-up fee, plus expenses, to DoubleClick.
Shares of NetCreations gained 9 cents, or 1.4%, to $6.78 in recent
Nasdaq
trading
