D&B and Hoover's have announced a "definitive agreement" whereby D&B will
acquire Hoover's.
The transaction is valued at USD 7.00 per share in cash, for a total of
approximately USD 117 million.
To quote from the D&B press release:
"D&B plans to accelerate growth of Hoover's Online(TM) subscription business and
improve Hoover's profitability. It expects to do this primarily by expanding the
distribution of Hoover's products by generating sales leads through the millions
of customer contacts made each year by D&B's telesales channels. As a result,
D&B expects Hoover's revenue to almost double by 2005."
"The acquisition is expected to close in the first quarter of 2003, subject to
regulatory approvals, customary closing conditions, and the approval of a
majority of Hoover's outstanding shares. The boards of directors of both
companies have unanimously approved the definitive agreement, and Hoover's
directors, executive officers and certain other shareholders, collectively
representing approximately 36 percent of outstanding shares, have agreed to vote
in favor of the transaction."
The full press release can be found on the D&B Web site at http://www.dnb.com/
Follow the Investor Relations link and then News Releases.
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Karen Blakeman, RBA Information Services
88 Star Road, Caversham, Berks RG4 5BE, UK
Tel:+44 118 947 2256, Mobile: +44 7764 936733
Fax:+44 870 056 8547
Mailto:[log in to unmask]
http://www.rba.co.uk/
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