Infogroup asks shareholders to OK selling the database provider to CCMP, defends $460M price
By APThursday, June 3, 2010
Infogroup urges shareholders to support sale
OMAHA, Neb. — Infogroup is urging shareholders to ignore the objections of two of his biggest investors and approve the database provider’s proposed $460 million sale to private equity firm CCMP Capital Advisors later this month.
Infogroup sent a letter to shareholders Thursday defending the $8 per share that CCMP is offering because it’s 22 percent higher than Infogroup’s stock price before sale rumors were reported in October.
Two investment firms that together hold about 12 percent of Infogroup’s stock have objected to the deal as underpriced and ill-timed.
Infogroup founder Vinod Gupta controls more than 35 percent of the stock and supports the deal.
Infogroup shares, which have traded as high as $8.99 over the past year, are down a penny at $7.95 in midday trading.
