Law firms launch investigations into Infogroup deal

Robbins Umeda, Brodsky & Smith and Kendall Law Group have launched independent investigations into the agreement, in which shareholders will not see a premium for their interests in data and marketing services business Infogroup.

Despite a drop yesterday, the company was trading at a high of $8.27 on Friday and closed at $8.16; the company has agreed to be bought by CCMP for $8 per share.

Contrary to the law firms’ decision to probe the sale agreement, Infogroup chairman of the board Roger Siboni said, “This transaction fulfills our commitment to maximise the value of Infogroup for all shareholders.”

The investigation concerns whether Infogroup's board's acceptance and recommendation of CCMP's offer was the result of a fair process designed to secure the best possible price for shareholders or whether is an ulterior motive.

The deal is valued at $635m, including the refinancing of outstanding debt.

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