Pennant Capital sells all shares of Greenfield Online

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Pennant Capital Management, LLC sold 2,036,900 shares of Greenfield Online, Inc. between July 18 and Sept. 4 at prices from $14.65 to $17.31 per share.

As a result, Pennant no longer has an ownership interest in the Wilton, Conn., internet survey and comparison shopping solutions company.

In August Greenfield announced the termination of its merger agreement with Quadrangle Group. The private investment firm had agreed to acquire all of the outstanding common stock of Greenfield Online for $15.50 per share in cash, or a total equity value of about $426 million.

Instead, Greenfield agreed to be acquired by Microsoft Corp. in a cash tender offer valued at approximately $486 million, or $17.50 per share. Greenfield Online received Microsoft's offer during its go-shop period under the agreement with Quadrangle.

Microsoft, a Redmond, Wash., software company, will sell the assets of Greenfield Online's internet survey solutions business to an unnamed financial buyer, it was previously reported.

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