MMI buys more shares of Acxiom, offers support in merger deal

By Lisa Kerner

Charlotte, N.C., Sept. 25 - Acxiom Corp. investor MMI Investments, LP increased its investment in the company and had an apparent change of heart regarding the company's proposed acquisition.

On May 16, Acxiom announced it had agreed to be acquired by Silver Lake and ValueAct Capital for $27.10 per share in an all-cash transaction valued at $3 billion, including the assumption of approximately $756 million of debt.

Despite a previously reported proxy battle, MMI said it is now prepared to support the company's acquisition by the investment firms.

In July, the investor said it believed that Acxiom is worth more than $30 per share.

MMI bought 592,000 shares of the company's stock between Aug. 16 and Aug. 21 priced from $22.54 to $24.12 as an investment. The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons own 80,635,643 shares, or about 9.7%, of the Little Rock, Ark.-based provider of customer and information management services.

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