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Equifax acquisition of TALX moves closer to completion
By Lisa Kerner
Charlotte, N.C., April 23 - The Hart-Scott-Rodino waiting period has ended in the proposed $1.4 billion acquisition of TALX Corp. by Equifax, Inc.
TALX has mailed proxy solicitation materials to its shareholders for the special meeting scheduled for May 15 in St. Louis. The transaction will close on May 16 if the shareholders vote to approve the merger agreement, a company news release stated.
TALX and Equifax announced the stock and cash transaction on Feb. 14. The agreement allows TALX shareholders to elect to receive either 0.861 of an Equifax share, $35.50 in cash, or a combination of stock and cash. Equifax will issue roughly 22 million shares of Equifax stock and pay about $300 million in cash.
The proposed transaction has been approved by both companies' boards and was originally slated to close late in the second quarter or early in the third quarter of 2007.
Equifax previously announced that its board authorized an additional $400 million share repurchase program, for a total repurchase authorization of $783 million. Following the merger, Equifax plans to repurchase $700 million in stock in open market transactions or in privately negotiated purchases.
TALX is a provider of employment verification and related human resource/payroll services based in St. Louis.
Equifax is an Atlanta information technology provider that collects and organizes credit, financial, public record, demographic and marketing information on individuals and businesses.
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