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The CLK Acquisition was treated for accounting purposes as a purchase of CLK using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration in the CLK Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The computation of the purchase price consideration and the preliminary allocation of the consideration to the net assets acquired are presented in the following tables (in thousands):
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Purchase price consideration: |
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Cash consideration, net of cash acquired(a) |
$ |
3,187 | |
Stock consideration(b) |
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3,840 | |
Total purchase price consideration, net of cash acquired |
$ |
7,027 |
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(a) Includes $4.4 million paid net of $1.2 million of cash acquired. | |
(b) Calculated as 179,087 shares of the Company’s common stock, multiplied by $21.44, the closing price of the Company’s common stock on the closing date.
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