iPayment Agrees To Buyout By CEO
iPayment has announced that it has agreed to a buyout at $43.50 per share by a new corporation formed by Chairman and CEO Gregory S. Daily and will be taken private as a result. Earlier, the company had appointed a special committee of its board of directors to consider Daily's offers.
iPayment was originally incorporated as iPayment Holdings, Inc. in Tennessee in February of 2001 and was reincorporated in Delaware under the name iPayment, Inc. in August of 2002. iPayment is a provider of credit and debit card-based payment processing services to over 130,000 small merchants across the United States. iPayment's payment processing services enable merchants to process both traditional card-present, or "swipe," transactions, as well as card-not-present transactions, including transactions over the internet or by mail, fax or telephone.
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