Greenfield Online shareholder believes $15.50-per-share offer for company is inadequate

By Lisa Kerner

Charlotte, N.C., June 24 - Greenfield Online, Inc. shareholder Springhouse Capital (Master), LP said it believes Quadrangle Group LLC's $15.50-per-share offer for the company does not reflect appropriate value.

The 8% investor made its comments in a June 24 letter to the company included as part of a schedule 13D filing with the Securities and Exchange Commission.

Springhouse said that the $15.50 value of the Quadrangle transaction is far less than the value of Greenfield's two segments and Greenfield's cash, which together the shareholder believes is at least $25.00 per share.

Greenfield's board of directors was urged to conduct an "exhaustive auction" and actively solicit alternative proposals for the company in order to comply with its fiduciary duties, it was noted in the filing.

It was previously reported that Greenfield agreed to be acquired by an entity affiliated with Quadrangle Group, a private investment firm, in a deal with a total equity value of $426 million.

Greenfield Online provides internet survey and comparison shopping solutions primarily in North America and Europe. The company is based in Wilton, Conn.

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