Match to Acquire More Shares in Meetic

BUSINESS WIRE - June 23 - The Match.com group owns indirectly through Match.com Pegasus Limited a 26.51% interest in Meetic and a 50% interest in a venture with Meetic providing online personals services in certain countries in Latin America. This transaction will offer Match.com and Meetic new growth opportunities. On May 29, 2011, Marc Simoncini entered into a binding agreement with Match.com Pegasus Limited to tender in the Offer 3,667,773 Company Shares, representing 15.96% of the total number of shares outstanding. On May 30, 2011, Match.com announced its proposed tender offer for Meetic. Under the terms of this agreement, Simoncini will resign from his current position as Chairman of the board of directors and CEO of Meetic, but not from his position as a member of the board.

An indicative timetable is set forth below:
June 22, 2011                Filing of the proposed Offer with the AMF
June 23, 2011                Filing by the Company of the response offer document
July 5, 2011                   Clearance decision (Déclaration de conformité)
July 7, 2011                   Opening of the Offer
August 10, 2011             Closing of the Offer
August 18, 2011             Publication of notice announcing the final results of
                                   the Offer
August 19, 2011             Reopening of the Offer (in the event the Offer is
                                   successful)
August 29, 2011             Settlement – Delivery of the initial Offer
September 1, 2011          Closing of the reopened Offer
September 8, 2011          Publication of notice announcing the final results of
                                   the reopened Offer
September 19, 2011        Settlement - Delivery of the reopened Offer

The total cash consideration to be paid by the Offeror  would amount to ~225M Eur. The Offer will be fully funded by IAC funds.

See full article at Business Wire

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Comments

[Mark Brooks]

If you can't beat 'em, join 'em. Match was battling Meetic in Europe and decided to join forces with them by selling them Match European operations for shares in Meetic. Now Marc Simoncini is exiting and parting with his shares, and Match wil no doubt seek to acquire a larger share. Time to buy some Meetic shares perhaps?