CyberSource stockholders OK acquisition; Authorize.Net vote set for Thursday

By Lisa Kerner

Charlotte, N.C., Oct. 23 - CyberSource Corp. said 99.7% of the shares voted at its special meeting on Tuesday were cast in favor of the company's acquisition of Authorize.Net Holdings, Inc.

The number of shares voted in favor of the deal represented about 77.7% of the total shares outstanding and entitled to vote, a company news release stated.

Authorize.Net stockholders will vote on the acquisition at a special meeting on Thursday.

On June 18, CyberSource announced a definitive agreement to acquire Authorize.Net in a stock and cash transaction valued at approximately $565 million. The agreement gives Authorize.Net shareholders 1.1611 shares of CyberSource common stock for every share of Authorize.Net common stock, as well as a pro-rata share of some $125 million in cash.

CyberSource is an electronic payment and risk management solutions provider based in Mountain View, Calif.

Authorize.Net, located in Marlborough, Mass., provides internet protocol-based payment gateway solutions to merchants.

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