LYCOS RETRIEVER 
Ask Jeeves Search Engine
built 647 days ago
New York-based IAC is paying 1.2668 of its shares for each of Ask Jeeves' roughly 69.4 million outstanding shares. The exchange ratio valued the takeover at $1.9 billion, or $27.40 per share, based on Monday's stock prices.
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Jim Lanzone of Ask Jeeves posted a Thanks, Jeeves blog entry at the Ask Blog. He explains all the reasons why it is time for Jeeves to retire, in that blog post, so it is worth a read. There is ... a special Jeeves retirement site at www.jeevesretirement.com/desk.
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Ask Jeeves spent more than $100 million building its brand around the cartoon butler during the dot-com boom. The marketing blitz paid for a 70-foot Jeeves balloon that floated over Macy's Thanksgiving Day and 15 million labels of the grinning mascot that were affixed to apples sold in 8,000 supermarkets.
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Neither Ask Jeeves nor IAC have commented on the deal. The reported price would value Ask Jeeves stock at about $33.90 a share, compared with a close of $24.24 on Friday on Nasdaq.
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IAC's shares fell 66 cents, or 3 percent, to close at $21.63 in Monday trading on the Nasdaq Stock Market, where Ask Jeeves' shares surged $4.43, or 18.3 percent, to close at $28.67. Ask Jeeves' shares have ranged between $21.20 and $44.66 during the past 52 weeks.
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"The relevance coming out of Index Express wasn't as good as we would have liked," said Paul Gardi, Ask Jeeves' senior vice president of operations and strategic planning. "Our number-one priority is the relevance of our results."
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