Acxiom Corporation board of directors say the company has entered into an agreement to be acquired by Silver Lake Partners and ValueAct Capital Partners, two private equity firms based in California. Silver Lake and ValueAct offered $27.10 for all Acxiom shares of stock in a deal that would be worth approximately $3.0 billion when completed. Acxiom's believes the merger is fair and in the best interests of the Company and its shareholders. A unanimous recommendation of a special committee of the board of directors has accepted the offer, which represents a cash premium for shareholders as Acxiom stock hasn't closed as high as $27.10 since February 28, 2001.
The merger agreement provides that Acxiom may solicit and entertain proposals from other companies until July 15, 2007. In accordance with the agreement, the board of directors of Acxiom intends to actively solicit other proposals during this period. The transaction is expected to close in the next three to four months and is subject to approval by the company's stockholders and regulatory approvals. Silver Lake and ValueAct Capital have received customary debt financing commitments from third-party financing sources.