AOL is not budging from the $900 million bid it made for TraderDouble, the European online marketing and ad firm...it made a bid yesterday, but now has opposition on the deal. Swedish pension group Alecta, which says it has 10.1 percent of the shares, is rejecting the board’s advice on grounds that the bid undervalues the company. That’s just enough to keep AOL from closing on the deal; it set a condition requiring more than 90 percent approval.
“We believe the valuation is a fair and full price and we don’t believe anyone else can benefit from the synergies from this transaction as much as AOL,” a Time Warner spokesman said in the story.
Related:
-- AOL-TradeDoubler Deal Faces Opposition From Key Shareholder
-- AOL Offers To Buy European Online Marketing Firm TradeDoubler For $900 Million