Wednesday, December 12, 2007

United Online Cancels Classmates IPO

Woodland Hills-based United Online said today that it has withdrawn its S-1 registration for its Classmates unit. According to United Online, the firm is withdrawing its IPO because it believes that current market conditions would not be in the best interests of its stockholders. United Online had hoped to raise up to $125M in an IPO of Classmates, which helps people connect with old friends and associates. The firm will record transaction related costs of $4.5 to $5.5M due to the withdrawal.