AOL is holding firm on its $900 million cash offer for Swedish online marketing company TradeDoubler, though the Time Warner company said it is extending the bid’s deadline by several weeks to March 14, Reuters reports. The takeover bid has been resisted from the start, with enough shareholders opposed to block the transaction given the 90 percent acceptance agreed to by the two companies. Swedish pension group Alecta’s opposition alone should be able to block the move given that it claims to hold 10.1 percent. Alecta and other shareholders contend that the AOL bid undervalues the firm. Shares have been trading over the offer price since the deal was announced Jan. 15 as investors hold to the idea that AOL will up the ante but AOL has said all along that it has no plans to raise the offer. The acceptance period was to end the week of February 19.
Related:
-- AOL Looks To Sell Advertising, Not Internet Access These Days
-- AOL Won’t Raise TradeDoubler Bid
-- AOL-TradeDoubler Deal Faces Opposition From Key Shareholder