February 04, 2011
Answers.com Agrees to be Acquired for $127 Million in Cash
Answers.com (NASDAQ: ANSW), creators of the leading answer engine Answers.com, announced that it has entered into a definitive merger agreement to be acquired by AFCV Holdings, LLC, a portfolio company of growth equity investor Summit Partners, for a total cash consideration of approximately $127 million.
AFCV will acquire all outstanding shares of Answers.com common stock, Series A convertible preferred stock and Series B convertible preferred stock. Under the terms of the agreement, Answers.com common stock shareholders will receive $10.50 in cash for each outstanding share of common stock they own. The holders of Series A and Series B convertible preferred stock will also be entitled to receive cash consideration based on the number of the common stock into which those shares are convertible at the time of the merger.
Note: Answers.com is a former client of Magic Sauce Media. Official date of announcement was yesterday, February 3, 2011. Kudos to the Answers.com team.
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