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SBI and Company Successfully Completes Tender Offer for Shares of Razorfish, Inc. | |
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SALT LAKE CITY, Jan. 23, 2003 — SBI and Company and Razorfish, Inc. (Nasdaq: RAZF) announced today the completion of SBI and Company's cash tender offer, at $1.70 per share, for all outstanding shares of common stock of Razorfish, Inc. The tender offer expired at 5:00 p.m., Eastern Time, on Wednesday, January 22, 2003.
SBI has been advised by Alpine Fiduciary Services, Inc., the depositary for the tender offer, that 2,704,194 shares of Razorfish common stock (including 56,820 shares subject to delivery) were tendered into the offer and not withdrawn. This represents approximately 52% of Razorfish's issued and outstanding shares. SBI Acquisition Corp., the wholly-owned subsidiary of SBI, has accepted for payment all shares validly tendered and not properly withdrawn prior to the expiration of the offer. Pursuant to the acquisition agreement, SBI and Razorfish intend to consummate a second-step merger in which all of the remaining stockholders of Razorfish other than SBI will receive the same $1.70 per share price paid in the tender offer. SBI currently estimates that this merger will be completed during the first quarter of 2003. About SBI and Company SBI and Company is a leading professional services firm that delivers measurable business value to market-leading companies in a focused set of industries. SBI helps clients: develop meaningful customer relationships through effective integrated and interactive marketing; improve collaboration with employees, partners and suppliers through real-time enterprise systems, Web services, Intranets and portals; and improve business performance through digital dashboards, enterprise content management, business process design, and program management offices. SBI and Company has offices in major cities across the U.S. and a European base of operations in London. For more information, visit www.sbiandcompany.com. Media Contact: David LaBar SBI and Company 212.798.7941 dlabar@sbiandcompany.com |
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