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Gingko Extends IRI Tender Offer
Gingko Acquisition Corp., the company formed by Symphony Technology Group to bid for Information Resources, Inc. (IRI) announced this week that on August 29 2003 it extended the expiration date of its tender offer for all of IRI's outstanding shares of common stock until 12:00 midnight NYC time, on September 15.
The company is offering $3.30 in cash for each IRI share plus a contingent value right (CVR) entitling the holders to 60% in the aggregate of any proceeds (subject to certain adjustments) to IRI from its pending antitrust suit against ACNielsen and others.
Gingko also noted that it is currently in discussions with IRI regarding possible changes to the CVRs and certain other offer terms (other than the cash portion of the offer price, which will remain $3.30 per share). However, the release stresses that 'there can be no assurance that the parties will be able to reach agreement on any such changes'.
According to LaSalle Bank National Association, which is serving as the Depositary for the offer, as of approximately 5:00 p.m., New York City time, on 29th August, holders of approximately 9,237,969 shares of IRI common stock had tendered their shares into the offer.
Symphony Managing Partner Romesh Wadhwani said 'Our proposal is a very attractive offer for IRI shareholders, and we remain confident that we will be able to complete our proposed acquisition of IRI successfully'.
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