Dave Florence, chairman and founder of Direct Media Inc., has signed a letter of intent for management to buy back the company from Acxiom Corp.
Florence confirmed that the letter was signed last month on behalf of himself and the employees at the Greenwich, CT firm. Financial terms of the arrangement have reportedly been agreed upon.
The purchase is expected to include the consumer and business-to-business divisions as well as the international and nonprofit groups. However, it remains unclear if management on both the consumer and B-to-B sides are in agreement with the buyout.
All parties have previously conceded that there would be practical advantages to a joint buyout. For example, it would be difficult and expensive to split the information technology department into two parts. Little Rock, AR-based Acxiom acquired Direct Media in 1996. Negotiations, described by sources as “tender,” were continuing at press time.
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