In a proxy statement filed with the Securities and Exchange Commission, Havas spelled out plans to exchange 0.0766 to 0.0937 American Depositary Shares per share of Circle.com, adjusting to maintain a price of $1.27 per share. Havas' filing said management expects to complete the deal shortly afte the vote.
If the deal is completed before July 16, Circle's shareholders would receive Havas' dividend for fiscal year 2000, payable July 17. Circle.com shares were worth $14 each Oct. 26, 199, when Snyder issued a tracking stock to its shareholders. -- Mercedes Cardona
Copyright May 2001, Crain Communications Inc.