Internet publisher and trade show organizer Mecklermedia Corp is being bought by Penton Media in all-cash tender offer at $29 per share. The deal values the Westport, Connecticut company at $274m and represents a 44% premium over Wednesday’s closing price of $20.1875. The boards of both companies have approved the merger, which is expected to close in November. Chief executive Alan Meckler has already agreed to tender his shares, which represent 30% of the company. Meckler has also pledged that on completion of the merger, he will buy back 80.1% of Mecklermedia’s Internet.Com business, which he will run while providing consulting services to Penton Media. Penton is a general business media company which had been looking to expand into the trade show business.
