AOL withdraws their bid to acquire TradeDoubler

AOL withdraws their bid to acquire TradeDoubler

Time Warner’s internet division AOL has said that they are withdrawing their cash offer for Swedish online marketing specialist TradeDoubler AB.

The company has to go ahead with this step as they have failed to acquire enough shares by the bid deadline. AOL had initially offered in January to buy TradeDoubler in a cash deal for around USD 900 million.

TradeDoubler’s board was satisfied with this offer but AOL failed to acquire the number of shares they were required to.

TradeDoubler’s largest shareholder, fund manager Alecta has also rejected the offer from AOL claiming that it is too low. TradeDoubler’s board said in a statement: “We are perfectly placed to take advantage of the opportunities this rapidly growing industry will give us over the coming years.”