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More than 2.7 million shares of Razorfish common stock were tendered into the offer and not withdrawn, the company said.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.