Answers.com Announces Successful Completion of Acquisition by AFCV Holdings, LLC
April 14 2011 - 1:00PM
Business Wire
Answers.com, (NASDAQ: ANSW), creators of the leading answer
engine Answers.com®, today announced that AFCV Holdings, LLC, a
portfolio company of growth equity investor Summit Partners, has
consummated the previously announced merger to acquire
Answers.com.
On April 14, 2011, Answers.com’s stockholders approved the
merger at a special meeting of stockholders. Pursuant to the
definitive merger agreement between Answers.com and AFCV Holdings,
dated as of February 2, 2011, Answers.com common stockholders will
receive $10.50 per share in cash, without interest and less any
applicable withholding taxes, for each share of common stock they
owned immediately prior to the effective time of the merger, other
than shares owned by stockholders who have properly exercised
appraisal rights. The holders of Answers.com’s Series A and Series
B convertible preferred stock will receive cash consideration based
on the number of the common stock into which those shares were
convertible at the time of the merger.
Answers.com’s common stock will cease trading on The NASDAQ
Capital Market at the close of market today and will be
delisted.
Stockholders of record will receive a letter of transmittal and
instructions on how to surrender their shares of Answers.com stock
in exchange for the merger consideration. Stockholders of record
should wait to receive the letter of transmittal before
surrendering their shares.
UBS Investment Bank has acted as exclusive financial advisor and
Kramer, Levin, Naftalis & Frankel, LLC as legal advisor to
Answers.com. Jefferies & Company, Inc. has served as financial
advisor and Wilson Sonsini Goodrich & Rosati, Professional
Corporation as legal advisor to AFCV Holdings.
About Answers
Answers Corporation (NASDAQ: ANSW) owns and operates
Answers.com, the leading Q&A site. Answers.com is a
community-generated social knowledge Q&A platform, leveraging
wiki-based technologies. Through the contributions of its large and
growing community, answers are improved and updated over time. The
award-winning Answers.com also includes content on millions of
topics from over 250 licensed dictionaries and encyclopedias from
leading publishers, including Houghton Mifflin, Barron's and
Encyclopedia Britannica. The site supports English, French,
Italian, German, Spanish, and Tagalog (Filipino). (answ-g)
Answers.com is a trademark of Answers Corporation. All other
marks belong to their respective owners.
About AFCV Holdings, LLC
AFCV Holdings, LLC, a portfolio company of growth equity
investor Summit Partners, was established in 2007 to build,
acquire, and operate a broad range of independent Internet
technologies, businesses, and resources that connect consumers
seeking advice with the most relevant and comprehensive content
from both experts and consumer communities.
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