CMGI signed a definitive agreement to acquire ad serving company AdForce in a stock-for-stock transaction valued at $500 million. Under the deal, CMGI will issue 0.262 CMGI shares for every AdForce share held on the transaction's closing date. AdForce, which went public in May, closed Sept. 20 at $20.25, up 75 cents. Based on CMGI's closing price, the deal puts a value on AdForce of $21.86 a share. AdForce has traded as high as $62.69 a share.
Copyright September 1999, Crain Communications Inc.