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Non-Tech : Automatic Data Processing (ADP)

ADP 257.15

-1.2%

9:30 AM EST

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To: Steven Dopp who started this subject	6/20/2003 8:18:11 AM
From: JakeStraw	of 70

ADP, ProBusiness Services Deal Gets Antitrust OK Friday June 20, 8:12 am ET biz.yahoo.com ROSELAND, N.J. (Dow Jones)--The Justice Department has decided to terminate its investigation of Automatic Data Processing Inc.'s proposed acquisition of ProBusiness Services Inc. (NasdaqNM:PRBZ) and has granted early termination of the antitrust period. These moves clear the way for ADP to complete its acquisition of ProBusiness for $17 a share, or a total of about $500 million in cash, computing services firm ADP said in a press release Friday. It expects to close the transaction later Friday. ADP anticipates the transaction will dilute fiscal 2004 earnings by 1 cent to 2 cents a share and add to earnings thereafter. When the definitive agreement was announced in January, ADP said it expected the acquisition to dilute earnings by about a penny a share in the first year. Thomson First Call (News - Websites) projects earnings of $1.64 a share for the year ending June 2004, compared with its forecast of $1.70 a share for the current fiscal year. ADP reported revenue of $7 billion for the fiscal year ended June 30, 2002. ProBusiness, Pleasanton, Calif., provides comprehensive payroll and human resource processing services to large employers. For the year ended June 30, it posted revenue of $168.6 million.

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