Status Report: Greenfield Online - Microsoft

Microsoft (MSFT) filed the initial tender offer statement and offer to purchase for the Greenfield Online, Inc (SRVY) transaction with the SEC on September 11, 2008.

The current tender offer expiration date is Wednesday, October 8, 2008.

The regulatory matters section of the statement notes the following regarding the HSR condition:

Microsoft and Greenfield are required to file a Notification and Report Form under the HSR Act, which filing is required to be made as soon as practicable (and in any event by September 15, 2008) pursuant to the Merger Agreement. Currently, Microsoft expects to file the Notification and Report Forms as promptly as practicable after the date hereof.

As this proposed acquisition does not involve any competition/antitrust issues, HSR clearance is anticipated before the current October 8 tender offer expiration date.

The document also identifies regulatory approvals in Germany and Italy. As with every tender offer transaction, the presence of non-U.S. regulatory reviews greatly increases the chances of some brief extensions to the offer period, depending on efficiency in notification filing. As of this entry, there is no record of this transaction on the GFCO's pending review list. Thus, there is some possibility that the GFCO or Italian review could force a tender offer extension into mid-October.

Nevertheless, MSFT should have absolutely no difficulty completing this transaction in less than 45 days.

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