Date set for shareholder vote on private equity takeover of Infogroup
Investors have been offered $8 a share for their stock, valuing the business at $468m. The deal also involves debt refinancing to the tune of $166m.
Bill Fairfield (pictured), CEO of Infogroup, said at the time the deal was announced that the CCMP approach offered shareholders “an attractive, immediate and certain cash value for their shares”.
CCMP has the backing of the Infogroup board and founder and former CEO Vin Gupta, who owns 36% of the company – which in turn owns Opinion Research Corporation.
However, some shareholders have opposed the deal on the grounds that it undervalues the business. Hotchkis & Wiley Capital Management, Infogroup’s second largest shareholder, is one such opponent. In recent weeks Hotchkis has been buying up Infogroup stock to increase its stake from 5.7% to 9.6% as of 27 May.
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