Infogroup shareholders green light takeover deal

There had been doubts in the build-up to today’s meeting as to whether the deal would be approved, as some shareholders – most notably Hotchkis and Wiley Capital Management – had publicly come out against the plans, claiming that the price undervalued Infogroup.

Infogroup, which owns Opinion Research Corporation, released a short statement to the New York stock exchange announcing that the takeover had been given the green light, but did not say what percentage of shareholders had backed it.

Gary Morin, chairman of the M&A committee of Infogroup’s board of directors, said, “The Infogroup board of directors and management team have worked diligently to advance the best interests of all of the company’s stockholders, and we are pleased that stockholders have supported our recommendation. The board is also grateful to the talented and committed employees of Infogroup, who have worked so hard throughout this process.”

The firm said that the deal will close shortly after 1 July, when it is expected that CEO Bill Fairfield (pictured) will depart.