According to
a Reuters report,
Barry Diller’s IAC/Interactivecorp has bid $300 million to acquire About.com from the New York Times Co. IAC’s bid is higher than the $270 million offer from Answers.com, which reportedly had signed a letter of intent to buy About.com.
Times Co. has said it is “engaged in discussions regarding the potential sale of its About Group” but has not named any of the parties it is speaking with, the Reuters article noted.
Sources told Reuters that Times Co. has not yet responded to IAC’s bid.
An
Adweek
report
said that because the Times Co. would lose about $140 million under the terms of the Answers.com deal, it’s possible Diller’s offer would trigger a bidding war. The Reuters article noted that IAC has nearly $1 billion in cash and cash equivalents on its balance sheet and “could easily raise its offer.” (Sources: Reuters, Aug. 21, 2012;
Adweek,
Aug. 21, 2012.)
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