NEW YORK SBI and Company has extended its cash tender offer for all of Razorfish's publicly-held shares to Jan. 22.
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, 2001].
The extension is being offered to permit shareholders additional time in which to tender their shares, in light of the recent holiday season, to satisfy the minimum conditions.
As of Jan. 6, more than 2.1 million Razorfish shares, or nearly 44 percent of the outstanding shares, had been tendered into the offer. In connection with the extension, SBI and Razorfish have agreed to reduce the minimum condition to a majority of the outstanding shares of the common stock. About 2.4 million shares must be tendered in the offer to satisfy this condition.
The parties also have agreed to permit SBI to further extend the offering period to the extent that the minimum condition is not met, so long as such extensions in the aggregate do not exceed 20 business days.
Razorfish stock (RAZF) was trading on the Nasdaq Tuesday at $1.69, down one cent. Its 52-week high is $26.33 (a result of a one-for-30 reverse stock split) and its 52-week low is $1.10.