Whilst the US web investment environment seems to be taking a breather, European acquisitions and investments continue in full force.
Today will see Italian online media company GoAdv, owner of Excite Europe, announce their intent to acquire French owneed shopping guide network LeGuide.com for €50 million.
The company already holds 11.8 percent of LeGuide’s shares and 10.8 percent of voting rights. In a prospectus GoAdv have released, it said the future of the copany would be “a blend of Web 1.0 and 2.0” and would “take advantage of Excite’s strength”.
The word is however that LeGuide.com, which current have 100 staff and 10 million monthly uniques across their sites, are not best pleased.
“After first examination of this proposal, the supervisory board sees no complements between the business models, nor any synergies that this operation may bring.”
With regard to financials, GoAdv are offering half of the asking price in stock and half in cash which values LeGuide shares at €7.50 – apparently a 9.2 percent premium on LeGuide’s trading price one month prior to this offer being made.