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January 2, 2014
08:48 EDTPERIPerion Network completes acquisition of ClientConnect from Conduit
Perion Network announced the completion of its previously reported acquisition of Conduit’s ClientConnect business in an all-stock transaction. Conduit spun off its ClientConnect business, which includes its monetization and distribution platform for publishers and developers. The spun-off company has become a wholly owned subsidiary of Perion, which issued approximately 54.8M shares to ClientConnect’s selling shareholders, and approximately 2.8M options to ClientConnect’s option holders, based on Perion’s fully diluted share count at closing. Perion is now owned approximately 81% by the existing Conduit shareholders and option holders and 19% by existing Perion shareholders and option holders, on a fully diluted basis. Various standstill provisions were put in place for major shareholders and no single shareholder owns more than 15% of the shares outstanding post-closing, Perion said. All former ClientConnect shareholders will be subject to contractual lock-up provisions prohibiting any public resale of their Perion shares for a period of six months and imposing conditional resale restrictions in the subsequent 18-month period, the company added.
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