ORC parent and database giant infoGroup has responded to a press report that it is taking bids to sell the company, by stating that it is evaluating its operations and prospects to determine what is in the best interests of all shareholders.
A report in the Omaha World-Herald claimed that infoGroup has appointed M&A specialist Evercore to advise on a possible sale. The report says at least 33 potential bidders have signed confidentiality agreements with Evercore that would allow them access to financial information about infoGroup to enable them to prepare bids.
infoGroup CEO Bill Fairfield declined to comment on the report, but confirmed that Evercore had been appointed in December 2008 to determine what would be in the best interests of all shareholders.
‘We have made no decision to sell the company,’ added Roger Siboni, Chairman of the company’s Board of Directors. ‘We have several options before us, which include continuing to operate as an independent organization. Whichever course we follow will be determined by what optimizes value for all our shareholders.’
Last December, infoGroup’s founder and former CEO Vin Gupta claimed to be exploring a proposal to acquire all the firm’s outstanding shares. At the time, he also said he would also be willing to sell his family’s shares in connection with a sale of the entire firm. Gupta currently owns about 40% of the company’s stock.
A report in the Omaha World-Herald claimed that infoGroup has appointed M&A specialist Evercore to advise on a possible sale. The report says at least 33 potential bidders have signed confidentiality agreements with Evercore that would allow them access to financial information about infoGroup to enable them to prepare bids.
