USA site internet dating match. com (IAC) will launch a takeover bid for its French counterpart Meetic, the price of 15 euros per share, with the support of the founder, who will bring the majority of its shares. The proposed price values the French group in its entirety to 345 million euros and represents a premium of 11.6% over the closing price of the share Meetic Friday at the Paris Bourse.
Marc Simoncini, Meetic CEO and founder, who had interviewed a few months ago on the future of its stake, has agreed to sell to IAC 3.7 million shares, or 16% of the capital, said in IAC a statement. Mr. Simoncini retain the remainder of its stake, or about 1.6 million shares (7% of capital), and will remain on the board.
The American group, led by businessman Barry Diller, is virtually assured the success of its offer since it already holds 27% capital contribution from the Meeting in June 2009, its European operations French group. "This is a milestone in strengthening our partnership with Meetic and the convergence of both companies to grow even more important," said Greg Blatt, Chairman of IAC, said in the statement.
Match. com intends to file its formal bid with the Autorité des marchés financiers (AMF) in the next two to three weeks, and the offer will not be subject to a threshold condition, IAC said. The dating site also said that he did not remove the symbol of Meetic. Meetic published in early May, a net loss of 3.2 million euros for the first quarter 2011, due to spending "significant" marketing, but confirmed its profitability targets for the year.
Operating income for the first quarter is also negative, at 3.9 million, while turnover rose 6.5% to 46.2 million. Meetic had 872,047 subscribers at 31 March, a net gain of 13,850 subscribers in the first three months of the year, progress "achieved mainly by the segment affinity". 
Marc Simoncini, Meetic CEO and founder, who had interviewed a few months ago on the future of its stake, has agreed to sell to IAC 3.7 million shares, or 16% of the capital, said in IAC a statement. Mr. Simoncini retain the remainder of its stake, or about 1.6 million shares (7% of capital), and will remain on the board.
The American group, led by businessman Barry Diller, is virtually assured the success of its offer since it already holds 27% capital contribution from the Meeting in June 2009, its European operations French group. "This is a milestone in strengthening our partnership with Meetic and the convergence of both companies to grow even more important," said Greg Blatt, Chairman of IAC, said in the statement.
Match. com intends to file its formal bid with the Autorité des marchés financiers (AMF) in the next two to three weeks, and the offer will not be subject to a threshold condition, IAC said. The dating site also said that he did not remove the symbol of Meetic. Meetic published in early May, a net loss of 3.2 million euros for the first quarter 2011, due to spending "significant" marketing, but confirmed its profitability targets for the year.
Operating income for the first quarter is also negative, at 3.9 million, while turnover rose 6.5% to 46.2 million. Meetic had 872,047 subscribers at 31 March, a net gain of 13,850 subscribers in the first three months of the year, progress "achieved mainly by the segment affinity".
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