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Everyday Health Receives $10.50/Share Cash Offer From j2

Everyday Health Receives $10.50/Share Cash Offer From j2
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Everyday Health Inc (NYSE: EVDY) disclosed that it struck a definitive deal with Ziff Davis, LLC, which comprises J2 Global Inc (NASDAQ: JCOM), enabling the latter to buy it for $10.50 a share in cash. This would translate in an enterprise value of approximately $465 million.

The agreement involves a condition that over 50 percent of shares of Everyday Health should be tenders to complete the transaction apart from regulatory approvals and other customary conditions.

Everyday indicated that its board got a fairness opinion from Qatalyst Partners and recommended shareholders to tender their shares to the offer.

The company's co-founder and CEO Ben Wolin commented, "We are pleased to have reached this agreement with Ziff Davis, which we believe is in the best interests of Everyday Health and our shareholders and represents the culmination of a thorough review of strategic alternatives for the Company."

Related Link: J2 Global Resumes Trading Up 6+% At $66.95

He added, "This compelling transaction delivers significant and immediate cash value to our shareholders, and positions Everyday Health to reach its next phase of growth. We look forward to working with the Ziff Davis team to ensure a seamless transition."

At Last Check ...

  • Everday was up 11.44 percent at $10.48.
  • J2 Global was up 4.28 percent at $65.37.

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