STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Tradedoubler (STO:TRAD)
Background
On 20 May 2015 Gravity4 published a press release regarding Tradedoubler: “Gravity4 has announced that its board of directors has doubled its offer of 282,350,000 kr for publicly traded Tradedoubler AB headquartered in Sweden. Gravity4 will purchase publicly traded Tradedoubler AB 282,350,000 kr (equivalent to 6.67 kr per share) in cash upon closing, additional to the equivalent of that amount in Gravity4 stock. This offer would value the full transaction at 546,740,000 (equivalent to 13.4 kr per share).”
The board of Tradedoubler on 20 May 2015 responded in a letter to Gravity4:
“We note your continued interest in acquiring shares in Tradedoubler AB, including your “offer press release” of today. Tradedoubler’s shares are admitted to trading on the regulated market NASDAQ Stockholm. Any offer to acquire shares must be made through a public takeover offer in accordance with applicable Swedish takeover regulations. The regulations also cover actions before such an offer is made and the actions of the board of directors of the target company. The proposed transaction is incompatible with these rules. For example, a public offer must follow a strictly prescribed format and may not be made public until the offeror has made a certain undertaking towards Nasdaq Stockholm. A breach of the relevant takeover regulations may render you sanctions from the Swedish Financial Supervisory Authority, including a prohibition of making an offer and fines up to SEK 100 million. We therefore recommend that you immediately obtain relevant legal Swedish advice. As for now, Tradedoubler regards this matter closed and has no reason to take any further actions. For any further contact with the company, please contact Mikael Nachemson directly.”
On 21 May 2015 Tradedoubler received an e-mail from Gravity4 stating inter alia:
“Gravity4 is in receipt of your letter, and the board of directors of Gravity4, has now rescinded its second offer for Tradedoubler AB.”
Mikael Nachemson, deputy chairman of the board of Tradedoubler, comments:
“Tradedoubler has a long track record as an international performance marketing company. The interest from Gravity4 is a signal and good indication that Tradedoubler's new positioning and strategy are attractive to other companies in our industry. As a consequence of the unsolicited approach from Gravity4 being made public the board of Tradedoubler did not have the option to enter into a confidential dialogue in accordance with market practice. The withdrawal of Gravity4's interest is a result of how Gravity4 managed its interest in acquiring Tradedoubler.“
In light of the above Tradedoubler regards the matter closed.
Stockholm 22 May, 2015 TradeDoubler AB (publ.)
The information in this announcement is required to be disclosed by TradeDoubler AB under the Swedish Securities Markets Act (Sw. lagen om värdepappersmarknaden). This information was released for publication at 12.30 CET on May 22, 2015.
About Tradedoubler
Tradedoubler is an international leader in performance-based digital marketing and technology. Founded in Sweden in 1999, Tradedoubler pioneered affiliate marketing in Europe and remains one of the most successful pan-European performance marketing company, combining strategic international insight with detailed in-country expertise. It helps 2,000 advertisers achieve their business goals through its high quality network of 140,000 publishers and was the first to offer an integrated e- and m-commerce offering to help advertisers extend their online programmes to users on mobile devices.
Tradedoubler is committed to close collaboration with each customer, helping them to generate revenue and succeed on a national and international scale. Among Tradedoubler’s advertisers are Accor, Disneyland Paris, Microsoft Store, HP, Expedia Group and CDON. The share is listed on Nasdaq on the Stockholm Exchange. More information can be found on www.tradedoubler.com
This information was brought to you by Cision http://news.cision.com