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FTC Backs $127M Summit-Answers Deal

Law360 (March 8, 2011, 2:28 PM EST) -- The Federal Trade Commission announced Tuesday it had granted early termination to its review of Boston-based Summit Partners LP's $127 million cash buyout of New York-based Answers Corp., which runs Answers.com and WikiAnswers.com.

The two companies announced the deal Feb. 3. The transaction will see Summit pay $10.50 in cash for each share, and cash considerations to holders of Answers' series A and B convertible preferred stockholders based on the number of shares that are convertible at the time of the merger.

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