CMGI said it will exchange 0.13 of a share, or about $25.76, for each of YesMail's shares. That's 23 percent more than YesMail's closing price yesterday. The company had 20.32 million shares outstanding at the end of September.
Andover, Mass.-based CMGI, which owns stakes in Internet search services Yahoo and Lycos, invests in start-up companies with the goal of taking them public or selling them. CMGI has agreed to acquire several Internet advertising and marketing companies during the past few months as it seeks to compete with top Web advertising company DoubleClick.
"Bringing YesMail into the CMGI network is an extension of our firm belief in the phenomenal value of the Internet as the ultimate direct-marketing channel," CMGI chairman David Wetherell said in a statement.
Vernon Hills, Ill.-based YesMail's customers include eToys, Hewlett-Packard and Value America. CMGI expects to complete the acquisition in March.
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