Information Resources, Inc. has agreed to be acquired by a new company formed by business software investor Symphony Technology and private investment firm Tennenbaum Capital for about $100 million in cash.
The two buyers plan to form a new company to begin a tender offer for shares of IRI and take it private in August.
IRI gathers data on consumer packaged goods from 48,000 U.S. and European retail stores. It sells the data to such companies as Unilever and Johnson & Johnson.
The firm’s stock soared earlier this week as investors bet that the buyers might up the offer and that a multi-million dollar lawsuit may pay out. IRI goes to court next year with its $350 million-plus anti-trust suit against ACNielsen, Dun & Bradstreet Corp. and IMS International.
Chicago-based IRI alleges that ACNielsen attempted to exclude IRI from international markets and monopolize retail tracking in the U.S. IRI contends that New York City-based ACNielsen engaged in anti-competitive practices overseas to drain IRI of resources it needed to compete in the U.S. Earlier this year, the Canadian Competition Tribunal and the European Commission found in favor of IRI, concluding that ACNielsen prevented IRI from entering markets or artificially raised the costs of doing so. Damages could top $1 billion.
Symphony and Tennenbaum agreed to put up $10 million to help wage the antitrust battle and promised shareholders about 60% of any gains from the case, the companies said.
Last December, Procter & Gamble Co. pulled out as an IRI customer after nine years and signed on with ACNielsen.
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