MMI to vote against acquisition of Acxiom

By Lisa Kerner

Charlotte, N.C., July 13 - Acxiom Corp. investor MMI Investments, LP opposes the company's proposed acquisition by ValueAct Capital and Silver Lake Partners for $27.10 per share. In a July 13 letter to Acxiom's board, MMI said it will vote against the transaction given the information in a recently filed preliminary proxy statement.

MMI believes the $27.10-per-share offer price is "inadequate and unfair" to Acxiom stockholders. The investor finds the process surrounding the deal, including the go-shop process, to be "flawed in both its conception and execution."

MMI intends to file proxy materials to solicit votes against approval of the transaction at the upcoming special meeting.

On June 12, MMI sought clearance under the Hart-Scott-Rodino Act to acquire up 14.9% of Acxiom's outstanding common stock.

The reporting persons beneficially own 6,455,288 shares, or 8.0%, of the company's outstanding stock, according to a schedule 13D filing with the Securities and Exchange Commission.

Acxiom is a Little Rock, Ark., provider of customer and information management services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.