AOL said today it is making a $900 million cash bid to buy Swedish online marketing specialist TradeDoubler in an effort to improve its Internet advertising in Europe.
The bid offers 215 kronor ($30.60) per share for Tradedoubler, and the company's board has unanimously recommended its shareholders accept the offer, said AOL, a unit of Time Warner.
Tradedoubler shares soared nearly 12 per cent to 221 kronor ($31.46) on the Stockholm exchange.
Time Warner Chief Executive Jeff Bewkes said the acquisition would help AOL become a bigger player on the European online advertising market.
AOL said the acceptance period for the offer is expected to run from January 22nd-February 19th, with about 20 per cent of Tradedoubler's shareholders already having accepted the bid.
Stockholm-based Tradedoubler was founded in 1999 and had sales of €117 million in 2005.
