The agreement, originally announced in May, called for Messers. Suh and Shannon to sell their shares for an initial price of 94 cents per share, and a potential second payment of 47 cents per share.
Previously, Seneca had purchased the stake in Agency.com held by Omnicom Group, which amounted to approximately 45% of the company. In return, Omnicom took a stake in Seneca, which it has set up with Pegasus Partners II, as an e-services holding company.
Seneca also has an offer out to buy the remaining shares of Agency.com, which it plans to buy for $ 3.35 per share. That offer will be considered by shareholders at a meeting to be held on Oct. 31.
Seneca made a bid for the outstanding shares of i-shop Organic last month. Seneca owns a minority stake in Organic as a result of a similar shares transfer from Omnicom.