Follow us:

Microsoft Pri0

Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times technology reporter Matt Day.

August 9, 2007 at 10:43 AM

aQuantive shareholders agree to Microsoft acquisition

In a brief, well-attended — by aQuantive’s past standards — shareholder meeting this morning in Seattle, owners of the company overwhelmingly approved Microsoft’s proposed acquisition, which will net them gains of more than $30 a share, 85 percent, over the price before the deal was announced.

On May 18, Microsoft announced plans to buy the Seattle-based digital advertising company for $6 billion, or $66.50 a share.

The crowd of about 25 shareholders and current and former employees applauded when the vote tally was read. Out of 79,985,251 shares outstanding eligible to vote on the acquisition, the holders of approximately 58,197,697 shares of common stock, 72.7 percent, cast ballots in favor of the acquisition. Here’s the regulatory filing confirming the vote.

One man with a big smile on his face was Hoby Douglass. He joined what was then Avenue A in 1999, before the company went public. He was wearing a baseball jersey identifying him as employee No. 106.

Douglass said the jersey was used in a marketing campaign to attract new hires.

“We did a pub crawl all over town and came up to people and said. ‘Do you want to work here? Do you want to work here?’ Because that’s the way it was back then. And we got some new employees out of it, so it was great,” he said.

Today, the company has about 2,400 employees globally who will soon become part of Microsoft, which has close to 79,000 full-time workers. The deal is expected to be finalized later this month.

Douglass later left aQuantive, but he said he continued to buy shares of its stock on the open market to add to what he accumulated as an employee. He said he did so because he always had confidence in the company’s management.

“I knew the management and I thought, this is not a risk,” Douglass said. “They’ve proven me right.”

Comments | More in Advertising, Microsoft

COMMENTS

No personal attacks or insults, no hate speech, no profanity. Please keep the conversation civil and help us moderate this thread by reporting any abuse. See our Commenting FAQ.



The opinions expressed in reader comments are those of the author only, and do not reflect the opinions of The Seattle Times.


The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►