Cross Media to Acquire LifeMinders
Cross Media Marketing Corp. will acquire LifeMinders Inc., a provider of customized online content, the firms announced today. If approved by the stockholders of both companies, the merger will provide Cross Media with access to LifeMinders’ 20 million-name database.
Cross Media will pay combined cash and stock of $68.1 million. However, this total will be reduced to up to $1.7 million if LifeMinders’ net cash is less than $50 million on Aug. 31.
LifeMinders’ stockholders will have a choice of receiving all cash, all stock or a mix of 18% cash and 82% stock. However, cash payments will be reduced if the total goes over $12.1 million.
Ronald Altbach, chairman and CEO of Cross Media, will continue in those roles. Jonathan Bulkeley, chairman and CEO of LifeMinders, will join the executive committee of the firm. In addition, Bulkeley and one other LifeMinders executive will join Cross Media’s board of directors.
The merger is expected to close in the fourth quarter of this year.
In an interview late last year, Bulkeley described LifeMinders as a permission-based deliverer of custom content.
“You give them your e-mail address and tell them your interests, and they send you e-mails with customized advertising
