NewsAOL Acquires Millennial Media to Enhance Publisher Offerings and Solidify Market Leadership
AOL, the leading media technology company, has successfully completed the acquisition of all outstanding shares of Millennial Media, the renowned mobile platform. The tender offer of a cash payment of $1.75 per share expired on October 22, 2015 at 11:59 ET. AOL also acquired the balance eligible shares of Millennial Media not covered in the tender offer, by a merger in accordance with Section 251(h) of the General Corporate Law of the State of Delaware. Following the move, Millennial Media has now become a wholly owned subsidiary of AOL, and its shares will no longer be traded on the New York Stock Exchange.
At the close of the tender, 114,871,644 shares of Millennial Media, representing about 80.3 percent of all outstanding shares of the company had been validly tendered and not withdrawn in the tender offer. Guaranteed Delivery Notices were delivered for 1,283,015 additional shares – about 0.9% of the outstanding shares. AOL has accepted the shares for payment, and will settle all validly tendered stock that has not been withdrawn.
Bob Lord, President, AOL Platforms, said in a release, “The acquisition of Millennial Media boosts our global, mobile capabilities and scale across ONE by AOL for advertisers and agencies, and offers the most attractive monetization platform for app developers. It also adds an incredibly talented team of mobile-first experts, many of whom will take on leadership and integral roles at AOL Platforms.”
Post the merger, nine executives from Millennial Media will take on different leadership roles at the AOL Platform including sales, operations, technology and products.
