United Business Media Terminates Offer for Medialink.United Business Media (UBM UBM United Business Media Plc (London) UBM Under-Bump Metallization UBM UniCredit Banca Mobiliare S.p.A. (Italy) UBM United Bikers of Maine UBM Unbalanced Magnetron UBM Ultimate Building Machine ; London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. ) has terminated its offer to acquire all of the outstanding shares of MediaLink Worldwide, Inc. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) at a price of $5 per share, or about $29 million. The offer price represented a premium of 46% over Media-Link's average closing price in the six months before the offer, 49% over the $3.35 per share closing price on Aug. 13, one day before the offer was made, and 67% over the $3 closing price the day before the offer was terminated (Nov. 6). MediaLink was to have been merged with UBM's PR Newswire  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . division. UBM said it rescinded its offer due to "the absence of any meaningful response from MediaLink's Board of Directors after almost three months and as a result of MediaLink's recent disappointing financial results." For the first nine months of 2001, MediaLink reported a net loss of $2.7 million after showing a profit of $1.8 million last year. Revenue for the nine month period fell 12.1%, going from $42.3 million in 2000 to $37.2 million. Revenue for the third quarter fell 24.5%, going from $13.8 million in 2000 to $10.4 million this year. UBM said it has not received a determination from MediaLink's Board and has not been asked to enter into any discussions. UBM also noted that MediaLink's Board had adapted a "poison pill A defensive strategy based on issuing special stock that is used to deter aggressors in corporate takeover attempts. The poison pill is a defensive strategy used against corporate takeovers. " to maximize and protect shareholders' interest. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion