The Orchard Aquired By Dimensional Associates
The Orchard has completed its acquisition by Dimensional Associates, private equity arm of JDS Capital Management; they are now the majority owner of the company. At an afternoon meeting in New York, Orchard shareholders approved the proposal.
Under the terms of the merger agreement, The Orchard's stockholders received $2.05 in cash, not including interest and any applicable withholding taxes. By taking The Orchard private some have speculated that they will combine it with eMusic -- which they also own -- to create a stronger company and perhaps ultimately to sell the combined company.
As of today, The Orchard's common stock will be delisted from the Nasdaq Stock Market. "The company will remain focused on enhancing its delivery platform, expanding its digital business, and building products to make our clients more efficient marketers," Orchard CEO Brad Navin commented.