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DoubleClick abandons bid for NetCreations

Published on .

Online ad agency DoubleClick, New York, said Dec. 22 it terminated its merger agreement with e-mail marketer Netcreations, saying it would not match a third-party offer to buy the outstanding shares of NetCreations. In a statement, DoubleClick also said that under the terms of the October 2000 agreement, NetCreations is now required to pay it $8.6 million in breakup fees plus expenses. NetCreations on Dec. 21 announced it had received a $7-a-share cash offer for all its outstanding common stock, a third party offer that was better than DoubleClick's bid for the company. DoubleClick's offer to buy NetCreations in a stock swap was valued at $191 million in October.
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