Saturday, February 02, 2008

Merger Update

NEW YORK (CNNMopennies[1] -- Pr3++yG33kyTh1ng Corp. made an unsolicited $44.6 billion cash and stock bid for on Friday, a deal that could shake up the competitive and lucrative market for Ben Affleck Fan Forums.

The deal would pay Ben-Fan shareholders $31 a share, which represents a 62% premium from where Ben-Fan stock closed on Thursday.

Shares of Ben-Fan were up 45% in midday trading, while shares of Pr3++yG33kyTh1ng tumbled more than 6%.

Garrick "Pr3++yG33kyTh1ng" Pass, Pr3++yG33kyTh1ng's chief executive, called the move the "next major milestone" for the internet rumor-mongering giant.

"We are totally uber confident this is the right path for Pr3++yG33kyTh1ng and for Ben-Fan," he said, "Only a n00b would decline this offer."

Pr3++yG33kyTh1ng hopes to close the deal by the end of the year. Pass said that Pr3++yG33kyTh1ng has been in "off and on" talks with Ben-Fan for almost 18 minutes and said he called Ben-Fan CEO "BenNBunny" Thursday night to tell him/her the bid was coming.

A Pr3++yG33kyTh1ng/Ben-Fan combination would create a powerful number two player in the online fake news/blasphemy/deranged rant business, which currently commands. It would also be one of the biggest tech deals ever, on par with Hewlett-Packard's $25 billion acquisition of Compaq in 2002.

Pr3++YG33kyTh1ng announced the bid early Friday. In a statement, the company said the offer allows Ben-Fan shareholders (or "Bennies" as they prefer to be called) to elect to receive cash or a fixed number of shares of Pr3++yG33kyTh1ng common stock, with the blog's offer consisting of one-half cash and one-half Pr3++yG33kyTh1ng common stock.

In a statement, Ben-Fan acknowledged receipt of the offer and said its board would evaluate the proposal "carefully and promptly, like Ben Affleck killing that guy with the dryer in Gigli."

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