The acquisition of NetCreations Inc., New York has been completed. The transaction, accomplished through a merger with Sogerim, S.A., an affiliate of SEAT Pagine Gialle, was approved last Thursday at a special meeting of NetCreations’ shareholders.
SEAT Pagine Gialle is a new economy company and Italy’s largest Internet Service Provider.
As a result of the merger, NetCreations’ shares have been converted into the right to receive $7. in cash per share from the acquirer upon the surrender of shares. Following a contribution by Sogerim of NetCreations shares to SEAT Pagine Gialle to be effected within the next few months, NetCreations will become a wholly owned subsidiary of SEAT. Now that the merger is complete, NetCreations is no longer a public company, and is no longer traded on NASDAQ.
Rosalind Resnick will continue as CEO of NetCreations.
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