Tuesday, November 17, 2015
United Online Gets Unsolicited Acquisition Offer From B.Riley
Woodland Hills-based United Online said this morning that it has received an unsolicited, takeover offer from Los Angeles-based B. Riley. In a letter to United Online's management, which was filed with the SEC, B. Riley said it now owns 7.9% of the outstanding shares of United Online, and is proposing to pay $12.50 per share for the remaining shares of United Online. B. Riley said the offer is a 21 percent premium over the current price of United Online. In its letter to United Online's board, B. Riley complained about the amount of compensation paid to the company's board and management, despite declining revenues and share price. The deal values United Online at around $185.25M.