ValueClick disclosed in an SEC filing this afternoon that it is launching a tender offer for up to 4.9 million employee stock options with strike prices ranging from $25.66 to $29.73 a share. ValueClick is offering to buy the options at prices ranging from 82 cents to $1.23 each. Note that the options, which were issued in 2007, are deeply out of the money.
Earlier today, Valueclick (VCLK) warned that results for the second quarter as well as the rest of the year will be below previous expectations, putting at least part of the blame on a slowdown in online display advertising. That raises some serious questions for other companies with significant exposure to online display ads, in particular Yahoo (YHOO) and Time Warner’s (TWX) AOL unit.
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