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NEW YORK - United Online Inc. said it has revised the terms of its takeover of FTD Group Inc. so that FTD shareholders will receive $10.15 in cash and 0.4087 shares of United Online for every FTD share.
Based on United Online's July 16 closing stock price of $10.35, that would value FTD's shares at $14.38 apiece. That brings the total value of the acquisition to $434 million, consisting of about $307 million in cash and about 12.35 million United Online shares, the companies said.
The higher price came after United Online received a commitment from Silicon Valley Bank to provide a $60 million loan to fund part of the cash portion of the acquisition. The increase is contingent upon that loan.
Under the previous merger terms, FTD shareholders would have received $7.34 in cash, 0.4087 United Online shares and $3.31 in United Online notes for every FTD share.
FTD, a florist network based in Downers Grove, Ill., has a major presence on the Internet. United Online, based in Woodland Hills, Calif., provides e-mail, Internet access under the NetZero and Juno brands and other online services.
FTD shares gained 32 cents, or 2.4 percent, to $13.83 in midday trading Thursday. United Online shares slipped 9 cents at $10.26.
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