By Lisa Kerner
Charlotte, N.C., May 16 - Acxiom Corp. entered into a definitive agreement to be acquired by Silver Lake and ValueAct Capital for $27.10 per share in an all-cash transaction valued at $3 billion, including the assumption of approximately $756 million of debt.
The per-share offer price is a 14% premium over the closing share price on May 16 and a 20% premium over Acxiom's average closing price per share during the 30 trading days ended May 16.
Acxiom's board of directors approved the merger agreement with the investment firms and recommends its stockholders vote in favor of the transaction, which is slated to close in three to four months.
Under the agreement, Acxiom may solicit proposals from other third parties for the next 60 days.
Acxiom's board was advised by Stephens Inc. and Merrill Lynch & Co. and each have delivered a fairness opinion.
"We are pleased to reach this agreement because it gives us an opportunity to deliver excellent value to Acxiom's shareholders," Acxiom chairman and chief executive officer Charles D. Morgan said in a company news release.
Acxiom is a Little Rock, Ark., provider of customer and information management services.
| Acquirer: | Silver Lake and ValueAct Capital
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| Target: | Acxiom Corp.
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| Transaction value: | $3 billion
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| Price per share: | $27.10
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| Announcement date: | May 16
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| Expected closing: | In three or four months
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| Stock price for target: | Nasdaq: ACXM: $23.76 on May 15
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