Equifax Announces Results of Elections for Merger Consideration
ATLANTA.- As previously announced, Equifax Inc. (NYSE: EFX) completed its acquisition of TALX Corporation on May 15, 2007. Equifax today announced the final results of elections made by TALX shareholders regarding their preferences as to the form of merger consideration they will receive in the acquisition. Under the merger agreement, shareholders were entitled to elect to receive, for each of their shares of TALX common stock, either cash consideration of $35.50 per share or stock consideration of 0.861 of a share of Equifax common stock, subject to proration so that the total consideration issued for TALX stock consists of 75 percent Equifax stock and 25 percent cash. The election deadline expired at 5:00 p.m., E.T., on May 14, 2007.
Based on the calculations of the exchange agent for the transaction, Computershare Shareholders Services, Inc., of the 31,948,179 shares of TALX stock outstanding as of the effective time of the merger:
* 14,159,439 of the shares, or 44.32 percent, elected to receive Equifax stock;
* 13,165,194 of the shares, or 41.21 percent, elected to receive cash; and
* 4,623,546 of the shares, or 14.47 percent, did not make a valid and timely election.
According to these calculations, the merger consideration to be paid to TALX shareholders will be allocated as follows:
Stock Elections: TALX shareholders who made a stock election for all or a portion of their shares of TALX common stock will receive 0.861 of a share of Equifax common stock for each of their stock election shares.
Cash Elections: Because the cash merger consideration was oversubscribed, TALX shareholders who made a cash election for all or a portion of their shares of TALX common stock will receive the cash consideration of $35.50 per share for approximately 60.67 percent of their cash election shares and will receive 0.861 of a share of Equifax common stock per share for approximately 39.33 percent of their cash election shares.
Non-Elections: TALX shareholders who did not make a valid election will receive 0.861 of a share of Equifax common stock for each of their shares of TALX common stock.
No fractional shares of Equifax common stock will be issued. In lieu thereof, TALX shareholders will receive cash.
Questions regarding individual allocation results should be directed to Computershare Shareholder Services, Inc. at 1-800-245-7630.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.