Acxiom Sale to Proceed: AP
The alternative bid period for Acxiom Corp. has passed, and its sale to Silver Lack and ValueAct Capital will go forward pending a shareholder vote, according to the Associated Press.
If shareholders vote for the transaction, the two private equity firms will pay $27.10 per share, or $2.25 billion. ValueAct and Silver Lake will also assume $756 million in debt.
There are still a few bumps left to smooth. On Friday, the Associated Press reported Acxiom’s second-largest shareholder, hedge fund MMI Investments LP, said the offer was too low, and announced that it will vote against the sale. And another investor, Levy Investments Ltd, has filed suit in Arkansas’ Pulaski County Circuit Court, seeking to block the sale, the Associated Press reported.
On Monday, Acxiom’s stock closed at $26.45.
