SBI Completes Razorfish Cash Tender Offer

NEW YORK SBI and Company has completed its cash tender offer for all outstanding shares of common stock of Razorfish.

In November, the Salt Lake City-based e-business roll-up agreed to acquire Razorfish for about $8.5 million, or $1.70 per publicly held share [IQ Daily Briefing, Nov. 25, 2002].

More than 2.7 million shares of Razorfish common stock were tendered into the offer and not withdrawn, the company said. That represents about 52 percent of New York-based i-shop’s issued and outstanding shares.

SBI and Razorfish intends to consummate a second-step merger in which all the remaining stockholders of Razorfish other than SBI will receive the same $1.70 per share price paid in the tender offer. SBI expects the merger to be completed during the first quarter of 2003.