Found it.
Cha-ching.
-OGM
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Penton Media acquires Mecklermedia for $274 mln
October 8, 1998 07:03 AM
CLEVELAND, Oct 8 (Reuters) - Business media company Penton Media, Inc. PME said on Thursday it has agreed to to acquire Mecklermedia Corp MECK for about $274 million in a move that bolsters Penton's position on the Internet.
Mecklermedia, which products include the Internet World and ISPCON trade shows, owns several of the most prized Web site names, including Internet.com, on which it locates a network of 18 Web sites.
Penton Media, which was spun off from Chicago-based Pittway Corp PRY in August, said it agreed to tender all outstanding shares of Mecklermedia's common stock for $29 per each -- a premium of about 44 percent over Mecklermedia's closing price yesterday of $20.19.
The Cleveland-based company said that the Mecklermedia acquisition underscores its strategy of boosting its revenues through trade shows, which accounted for about 70 percent of Mecklermedia's $60.8 million in revenues in for the 12 months ending June, 1998. The Westport, Conn.-based company has launched or acquired more than 10 new events in 1998.
Alan Mackle, who controls about 30 percent of the company and serves as the chairman and CEO, agreed to tender his shares into the offer. Penton said Mackle will serve as be Internet.com's chairman and CEO and will also act as a consult for Penton Media.
The boards of both directors have unanimously approved the deal that is expected to close in November. Donaldson, Lufkin & Jenrette provided financing for Penton to consummate the deal and is acting as dealer manager for the tender.
((--New York Newsdesk, 212-859-1700 )) REUTERS
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