SUNNYVALE (CBS/AP) – Internet company Yahoo Inc. has agreed to buy online advertising network Interclick Inc. for $270 million in cash.
The deal announced Tuesday will help Yahoo target advertisements to its online audience.
Yahoo has agreed to pay $9 per share, a 22 percent premium to Interclick’s closing stock price on Monday.
Interclick’s board has approved the deal. The companies expect the deal to close by early next year.
Shares of Sunnyvale-based Yahoo fell 78 cents, or 5 percent, to $14.86 in midday trading. New York-based Interclick’s shares rose $1.56, or 21.1 percent, to $8.96. The stock earlier hit a 52-week high of $8.99.
(Copyright 2011 by CBS SF. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)