A special committee of the board of directors of InfoUSA Inc. has engaged Lazard as its financial advisor to assist it in evaluating CEO Vinod Gupta’s proposed acquisition of all of the shares of company stock that he does not own.
In addition, Gupta has agreed for a period ending on Oct.16, not to acquire any InfoUSA securities or assets, not to make any tender or exchange offer, merger or other business combination involving infoUSA and not to make any proxy solicitation.
Gupta will not be subject to these restrictions if infoUSA says it has made an agreement with a third party that contemplates a merger, consolidation, sale of substantially all of the assets or business combination involving the company, or a change of control of the company by tender offer, exchange offer or otherwise.
Last month, Gupta, proposed acquiring 38% of the firm’s common shares for $11.75 per share and taking the company private, through an entity he controls Vin Gupta & Co. LLC (Direct Newsline, June 14). InfoUSA offers business-to-business and consumer database products through numerous divisions including Donnelley Marketing, Walter Karl Inc., Edith Roman Associates Inc., among others.
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