Contributed by: Editor on Friday, June 03 2011 @ 11:10 am
Last modified on
The owners of Match.com, IAC announced plans on May 30, 2011 to buy all outstanding shares of Meetic for 15 euros a share. IAC currently owns 27 percent of Meetic already through a deal where the sold their European business to Meetic in early 2009 (see Story).
Meetic is valued at 347 million euros which works out to about $497 million in USD. The share offer by IAC is about 12 percent higher than the closing price last Friday. Since then trading has been suspended at Meetic's request.
Meetic's co-founder Marc Simoncini has entered into an agreement with IAC to sell about 3.7 million shares which works out to about 7% of the total outstanding shares. He also still plans to remain on Meetic's board of directors.
To find out about IAC's most popular dating site you can read our Match.com review.