agreed to be taken private for $8.50 a share in cash by private equity firm
Hellman & Friedman
The deal comes just days after the New York marketing services firm's shares enjoyed a 17% run-up on rumors that a private equity buyout was near. That chatter pushed DoubleClick shares up to an $8.57 close Friday, after the stock spent most of 2005 trading between $7 and $8.
DoubleClick valued the deal at $1.1 billion. "This transaction provides great value to our stockholders and underscores the strength of our industry leading position and DoubleClick's business model," said CEO Kevin Ryan, who will step down after the deal takes place. DoubleClick execs David Rosenblatt and Brian Rainey will continue to head the TechSolutions and DataSolutions divisions, and Hellman & Friedman will name a new board and chairman.
The New York Post
first reported word of the deal last Thursday.