Internet Brands acquired for $640,000,000

NYSpeed Automotive
1

A private equity firm has acquired Internet Brands for $640,000,000 today.

ARTICLE

Internet Brands owns V-bulletin, the software that this forum runs on as well as all other leading forums in Canada (Montreal Racing, JDMR, Revscene) and actually owns most of the biggest automotive forums on the internet (my350z, G35driver etc. etc.)

Full list of automotive forums here: LINK

Pretty interesting to see where this goes.

Hellman & Friedman, the acquiring company has a large protfolio of investments totalling over $25 Billion in committed capital.

You may recognize some of the companies, though non are really house-hold names: LIST

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I don’t think anyone cares except for us, lol.

They’ll be under less of a microscope and able to make deals without being accountable to shareholders which could benefit them. We’ll see what becomes of it.

Bob Brisco’s Blog: http://www.bbrisco.com/2010/09/inet-to-go-private.html

3

i figured MPD would lay mega hate :slight_smile:

i guess some of the guys who would care dont really hang out here anymore.

Pankew and Tarach are long gone

4

god damn thats a lotta dimp

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If anything business will improve for them.

Do I think they majorly fucked up a bunch of forums they purchased? Yeah, without a doubt.

Do I wish I had gotten in on their game? Sure. Hell 6Speedonline sold for a pretty penny a few years back.

6

^^ There he is :tup::rant2:

7

you have any documentation on that?

I have been dissappointed with the features on thier corp. forums… heck, we are more advanced than most of their forums and Mike is always finding all these patches or apps to run that would be cool… You’d think they’d have all that shit running on their forums to demonstrate or test etc.

8

I can tell you in person, remembered I wasn’t supposed to speak about it publicly.

9

you funny :wink:

10

Many lols.

11

Class Action LAwsuit by Internet Brands Shareholders : LINK

The claims asserted in the complaint arise out of the proposed transaction, announced on September 20, 2010, whereby an affiliate of the private equity firm Hellman & Friedman Capital Partners VI, L.P. (the “Buyer”) will take private Internet for $13.35 in cash for each share of its Class A and Class B common stock in a transaction (the “Transaction”) valued at approximately $640 million.

The complaint alleges that the Transaction and the acts of the individual defendants constitute a breach of the individual defendants’ fiduciary duties owed to Internet’s public stockholders and a violation of applicable legal standards governing the defendants therein. The complaint further alleges the individual defendants’ acceptance of Buyer’s acquisition proposal at a grossly inadequate price will constitute a breach of the individual defendants’ fiduciary duties owed to Internet’s stockholders to take all necessary steps to ensure that the stockholders receive the maximum value realizable for their shares of Internet stock in a transaction effecting the change of corporate control.

This Article suggests it should have been $14 per share rather than $13.35… which puts the sale price at $671,000,000

“Our law firm’s investigation concerns whether Internet Brand’s Board undertook a fair process to obtain fair consideration for all shareholders of Internet Brands,” said securities lawyer Hamilton Lindley. “At least one analyst set a target price for the Company at $14.00 per share. Additionally, Internet Brands Inc. reported strong revenues for second quarter of 2010, growing 21% year to year.”