Digest: Chrysalis decline; FM offer
Shares of U.K.-based Chrysalis Group fell the most in about 16 years in London after rejecting a takeover offer of 1.55 pounds ($3.04) per share. The offer “significantly undervalues” Chrysalis, the company said, without identifying the bidder. Media reports had mentioned EMI Group as a suitor. Chrysalis argued that “global economic and credit market conditions” won’t allow it to get maximum value in a sale for now. Chrysalis shares fell 15%, valuing it at 77 million pounds ($151.6 million).
Federated Media Publishing has received a $50 million minority investment from Palo Alto-based venture-capital firm Oak Investment Partners. FM represents entrepreneurs who run more than 150 Web sites, blogs and social networking applications.