Acxiom Corporation and Digital Impact, Inc. announced they have reached a definitive agreement for Acxiom to acquire Digital Impact for $3.50 per share in cash in a transaction valued at approximately $140 million based on fully diluted shares. It is expected that Digital Impact will have approximately $20 million in cash on closing.
The boards of directors of both companies have unanimously approved the transaction. Under the definitive purchase agreement, a wholly owned subsidiary of Acxiom Corporation will make a cash tender offer for all Digital Impact, Inc. shares. The acquisition is subject to at least 50.1 percent of the shares of Digital Impact, Inc. being tendered, as well as other customary closing conditions. All directors and key officers of Digital Impact, Inc. have agreed to tender their shares. Following the purchase of shares in the tender offer, a subsidiary of Acxiom Corporation and Digital Impact, Inc. will merge. Owners of Digital Impact shares not purchased in the tender offer will be entitled to receive $3.50 per share in cash. The tender offer is expected to close within approximately 30 days subject to customary regulatory approvals.
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