Not a target company we usually cover, but the buyer is closely followed in the media industry: Greenfield Online, the online market research and surveys company, is being bought by media and communications PE firm Quadrangle Group, for $426 million. Quadrangle will pay $15.50 for each Greenfield share, a 17 percent premium to Friday’s closing price.

Greenfield, through its Greenfield Online and Ciao comparison shopping websites and affiliate networks, collects, organizes and sells consumer opinions in the form of survey responses to marketing research firms and end users. More details here.

Some notes from Doug Anmuth, analyst at Lehman Brothers, on the deal:
—“Go-Shop” period through August 4 suggests Greenfield will actively solicit competitive proposals, but we believe co. has also likely fielded incoming interest over last several months.
—Break-up fees include $5M-$10M to Quadrangle for competitive offer & $12.5M to Greenfield if Quadrangle terminates.