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After tons of trouble from TradeDoubler shareholders, AOL has withdrawn its $900 million bid for the European provider of online marketing and sales solutions. This came after AOL failed to gain the approval of 90 percent of shareholders.
AOL reached a deal to buy the Swedish company in January in a bid to expand its online advertising operation in Europe….but shareholders representing about 20 percent of TradeDoubler shares opposed the deal, demanding a higher price than the offer of 215 crowns per share.
AOL’s Advertising.com European presence will now be expanded, though expect some more European ad market M&A activity from AOL as well.
WSJ: The media company’s offer represented a roughly 30% premium over where TradeDoubler’s shares were trading before takeover speculation sparked a rally in its shares. As a result, Time Warner executives opposed raising the offer.
— AOL Won’t Raise TradeDoubler Bid
— AOL-TradeDoubler Deal Faces Opposition From Key Shareholder
— AOL Offers To Buy European Online Marketing Firm TradeDoubler For $900 Million