Kind Of A Big Deal: The Go-Shop That Went Somewhere

ZM Capital: a small investment subsidiary of ZelnickMedia that somehow managed to convince a $249 billion company with 91,000 employees to do its bidding. Three weeks ago, most everyone assumed that Quadrangle Group’s agreement to buy media services company Greenfield Online was a done deal. It had a standard go-shop provision, but conventional wisdom tells us those rarely go anywhere. And besides, Greenfield’s stock was trading at a relatively small spread. Business as usual. Ho-hum. Then, seemingly out of nowhere, Microsoft upended the whole thing with a superior offer that Quadrangle was unable to match. Who knew little ZM Capital was behind the scenes, plotting a rival bid, for almost a year?

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