Authorize.Net shareholders agree to acquisition by CyberSource

By Lisa Kerner

Charlotte, N.C., Oct. 25 - Authorize.Net Holdings, Inc. stockholders voted to approve the acquisition of the company by CyberSource Corp. at a special meeting held on Thursday.

The number of Authorize.Net shares voted in favor of the deal represented some 83.9% of the total shares outstanding and entitled to vote, according to a company news release.

CyberSource shareholders approved the acquisition at their meeting on Oct. 23.

Authorize.Net stockholders will receive 1.1611 shares of CyberSource common stock for every share of Authorize.Net common stock, plus a pro rata share of $125 million in the form of a cash payment.

CyberSource announced a definitive agreement on June 18 to acquire Authorize.Net in a stock and cash transaction valued at approximately $565 million.

It was previously reported that CyberSource chairman and chief executive officer Bill McKiernan will remain chairman and CEO of the combined entity. Scott Cruickshank will remain president and chief operating officer of CyberSource, and Roy Banks will remain president of Authorize.Net. Robert Donahue, a member of the Authorize.net board, will join the board of CyberSource. Cruickshank agreed to resign from the CyberSource board.

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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