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Shareholder Approval Clears Way for Deal to Be Completed

By Published on .

NEW YORK (AdAge.com) -- A group of managers completed the acquisition of online marketing and communications company Leapnet, Chicago, according to papers filed today with the Securities and Exchange Commission.

The management group, SPRI Acquisition Corp., is a subsidiary of SPRI Ltd., which is controlled by Robert Figliulo, chairman-CEO of Leapnet, and David Figliulo, Leapnet's vice president of sales.

The management group's tender offer of $1.85 per share, made last December, was accepted by shareholders, according to today's filing. This clears the way to complete the transaction Friday.

Leapnet received approval from the Nasdaq in June to continue trading its stock after the company completed a reverse five-for-one split that brought its price within the market's limits. Shares had been trading under $1 since late 2000; after the June 6 split, their price rose above the limit.

Shares for Leapnet closed Wednesday at $1.83.

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