Programmatic marketing platform Rocket Fuel rejects Gravity4 acquisition proposal
REDWOOD CITY, Calif. – September 1, 2015 — Rocket Fuel, a leading programmatic marketing platform provider that uses artificial intelligence (AI) at Big Data scale to optimize marketing ROI for global agencies and enterprise marketers, today confirmed that it has received and rejected an unsolicited, conditional proposal from Gravity4 to acquire Rocket Fuel.
Consistent with its fiduciary duties, the Rocket Fuel Board of Directors, in consultation with its independent advisors, has evaluated the proposal and concluded that the proposal, which is highly conditional and inconsistent with customary public company transactions, is not credible.
In May 2015, the Rocket Fuel Board of Directors rejected a previously submitted unsolicited, conditional proposal from Gravity4 to acquire Rocket Fuel.
Rocket Fuel sent the following response letter to Gravity4 today:
We are in receipt of your letter dated August 30, 2015 regarding your unsolicited proposal to acquire Rocket Fuel (“August 30th Proposal”). The August 30th Proposal is identical, except for the date and proposed “purchase price”, to Gravity4’s May 7, 2015 proposal to Rocket Fuel. Our Board of Directors evaluated the May 7, 2015 proposal with its independent advisors and concluded at that time that the highly conditional and non-customary nature of the proposal did not constitute a credible offer. Rocket Fuel’s Board of Directors has reviewed your August 30th Proposal in consultation with its independent advisors, and concluded that the highly conditional and non-customary nature of the August 30th Proposal does not constitute a credible offer.
Interim Chief Executive Officer