Greenfield says acquisition by Microsoft gets green light from regulators

By Susanna Moon

Chicago, Oct. 7 - Greenfield Online, Inc. said antitrust conditions have been satisfied for completion of the tender offer by Microsoft Corp.

Microsoft obtained clearance from the Federal Cartel Office of Germany for its tender offer to purchase all outstanding shares of Greenfield Online's common stock, according to a Greenfield Online news release. Microsoft also said it made the required antitrust filing in Italy.

The tender offer still requires satisfaction of all other closing conditions, including the minimum tender condition.

The offer is scheduled to expire at midnight ET on Oct. 8.

Greenfield Online said on Aug. 29 that it terminated its merger agreement with affiliates of Quadrangle Group and instead agreed to be acquired by Microsoft in a cash tender offer valued at $486 million, or $17.50 per share.

As previously noted, Microsoft, a Redmond, Wash., software company, will sell the assets of Greenfield Online's internet survey solutions business to an unnamed financial buyer.

The merger of Greenfield Online and Microsoft, as well as Microsoft's sale of the internet survey solutions business, is expected to close simultaneously in the fourth quarter of 2008, a prior Greenfield Online news release said.

Deutsche Bank Securities Inc. advised Greenfield Online on the transaction.

Greenfield Online received Microsoft's offer during its go-shop period under the agreement with Quadrangle. It was previously reported that the private investment firm agreed to acquire all of the outstanding common stock of Greenfield Online for $15.50 per share in cash, or a total equity value of about $426 million.

Greenfield Online provides internet survey and comparison shopping solutions primarily in North America and Europe. The company is based in Wilton, Conn.

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