Payments News from Glenbrook Partners
Glenbrook   Book   Education   Views   Archives   Store   Advertise   About         SUBSCRIBE:

Alliance Data Terminates Merger Agreement with Blackstone Affiliates

Late today, Alliance Data Systems announced that it has terminated the May 17, 2007 merger agreement providing for the acquisition of Alliance Data by affiliates of The Blackstone Group.

Robert A. Minicucci, Chairman of the Special Committee of the Board of Directors of Alliance Data, said, "We are disappointed that Blackstone's affiliates chose not to satisfy their obligations to consummate this transaction. The contract requires Blackstone's affiliates to pay to Alliance Data a business interruption fee. However, given their repudiation of the merger agreement and continued refusal to fulfill their contractual obligations, and in order to protect the interests of Alliance Data's stockholders, we are compelled to litigate this issue to obtain payment in a full and timely manner. Despite the distraction caused by Blackstone, Alliance Data has continued to focus on delivering value to its clients and stockholders. The Company's strong performance and liquidity demonstrate Alliance Data's continued commitment to this goal."

Add your comment... (note that all comments are reviewed before they're published)

Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.