Greenfield Online Enters into Definitive Agreement to be Acquired by Quadrangle

http://biz.yahoo.com/bw/080616/20080616005469.html?.v=1

Greenfield Online Enters into Definitive Agreement to be Acquired by QuadrangleMonday June 16, 6:30 am ET
WILTON, Conn.--(BUSINESS WIRE)--Greenfield Online, Inc. (Nasdaq: SRVY - News) (“Greenfield Online” or the “Company”) today announced that it has entered into a merger agreement to be acquired by an entity affiliated with Quadrangle Group LLC (together with its affiliates “Quadrangle”), a private investment firm focused on the media and communications industries. Under the terms of the merger agreement, Quadrangle will acquire all of the outstanding common stock of Greenfield Online, Inc. for $15.50 per share in cash, or a total equity value of approximately $426 million. The purchase price represents a premium of approximately 17% over the Company’s closing share price of $13.28 on June 13, 2008 and a premium of approximately 26% over the average closing share price during the prior 30 days.
The Board of Directors of Greenfield Online has unanimously approved the merger and recommends to stockholders that they vote in favor of the merger.
Albert Angrisani, Greenfield Online’s President and Chief Executive Officer said: “Clearly Quadrangle values Greenfield Online’s two growing and profitable businesses, Comparison Shopping and Internet Survey Solutions, along with their global leadership position, satisfied clients and talented employees. We expect the transition will be positive for our business, our customers and employees, and we look forward to leveraging Quadrangle’s expertise in the media, communication and information industries.”
Gordon Holmes, Managing Principal of Quadrangle said: “Having followed Greenfield Online closely over an extended period, we became increasingly impressed with its international leadership position in online comparison shopping and survey research, as well as its record of strong growth. Using our New York and London offices and our new office in Silicon Valley led by Dan Rosensweig, we were able to fully analyze and appreciate the strength of Greenfield’s global platform, and determine that it represents an attractive investment opportunity for Quadrangle, consistent with our ongoing focus on the media and communications industry.”
Dan Rosensweig, Operating Principal of Quadrangle said: “Greenfield Online’s internet-based business differentiates itself with a strategic position based on developing strong communities and offering valuable review and survey content. I am confident that with Quadrangle’s extensive experience in online businesses, we will be able to help the company to expand its activities and continue to achieve significant growth.”
The merger agreement is subject to the approval of the Company’s stockholders as well as customary closing conditions and regulatory approval. The transaction will be financed by a combination of equity provided by Quadrangle and debt, for which Quadrangle has received financing commitments and cash on hand at the Company. The transaction is expected to close in the late third quarter or fourth quarter of 2008.
Deutsche Bank Securities Inc. acted as financial advisor to Greenfield Online in connection with the transaction. Kirkpatrick & Lockhart Preston Gates Ellis LLP acted as legal advisor to Greenfield Online. Simpson Thacher & Bartlett LLP acted as legal advisor to Quadrangle.
About Greenfield Online, Inc.
Greenfield Online, Inc. is a global interactive media and services company that collects consumer attitudes about products and services, enabling consumers to reach informed purchasing decisions about the products and services they want to buy; and helping companies better understand their customer in order to formulate effective product marketing strategies. Proprietary, innovative technology enables us to collect these opinions quickly and accurately, and to organize them into actionable form. For more information, visit http://www.greenfield.com/. Through our Ciao comparison shopping portals we gather unique and valuable user-generated content in the form of product and merchant reviews. Visitors to our Ciao portals use these reviews to help make purchasing decisions and we derive revenue from this Internet traffic via e-commerce, merchant referrals, click-throughs, and advertising sales. For more information or to become a member, visit http://www.ciao-group.com/. Through our Greenfield Online and Ciao Surveys websites and affiliate networks, we collect, organize and sell consumer opinions in the form of survey responses to marketing research companies and companies worldwide. For more information, visit http://www.greenfield-ciaosurveys.com/. To take a survey, go to http://www.greenfieldonline.com/.
About Quadrangle Group LLC
Quadrangle Group LLC is a private investment firm with more than $6 billion of assets under management. Quadrangle invests in media and communications companies through separate private and public investment strategies and across all asset classes through its asset management business. All investment strategies seek to maximize value by leveraging the investment team’s extensive experience, knowledge and industry relationships. Quadrangle has offices in New York, London and Silicon Valley and will be opening an office later this year in Hong Kong. For more information, please visit http://www.quadranglegroup.com/.