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US Doubleclick bought for $1.1bn
US internet advertising and marketing company Doubleclick has been bought by Hellman & Friedman, a San Francisco buyout firm, for $1.1bn (£575m).
Hellman & Friedman will pay $8.50 for each Doubleclick share. The stock rose 17% on Thursday after news of the bid got out and closed at $8.57 on Friday.
Doubleclick has been under pressure, and its earnings have been suffering.
The company's chief executive Kevin Ryan will step down after the deal is closed in the third quarter of 2005.
Profit dip
Last week, Doubleclick reported worse than expected earnings.
Its business focuses on internet advertising and a database marketing division, and clients include US carmaker Ford and condom firm Durex.
It posted a loss of $900,000 in the first quarter, compared with a profit of $7.7m a year earlier. The company, which allows clients to put ads online and track their effectiveness, blamed costs associated with an ongoing strategic review. Hellman & Friedman has a track record of investing in media related firms, and in the past has bought into companies including advertising firm Young & Rubicam and German newspaper group Axel Springer. JMI Equity, an investment firm that specialises in software and business services, is partnering Hellman & Friedman in the deal. New York-based Doubleclick hired investment bank Lazard Freres & Co in October to look into ways of improving its business.
Story from BBC NEWS:
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