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ABR Information Services, Inc. Unaware of Business Information Underlying Increase in Share Price
PALM HARBOR, Fla.--(BUSINESS WIRE)--June 30, 1999--As previously announced by Ceridian Corporation, on June 7, 1999, a subsidiary of Ceridian completed its tender offer for all of the outstanding stock of ABR Information Services, Inc. by purchasing the 28,271,055 ABR shares which were validly tendered and not withdrawn in the offer.
Such shares represented approximately 98.3% of the total number of shares of ABR outstanding at that time.
As Ceridian has previously informed holders of record of ABR shares, on or about July 19, 1999, all of the remaining outstanding shares of ABR will be converted into the right to receive $25.50 per share in cash. Ceridian agreed pursuant to its merger agreement with ABR to acquire such shares at $25.50 per share.
ABR and Ceridian announced today that they are unaware of any business information underlying the increase in ABR's per share stock price and trading volume over the past two days.
ABR Information Services, Inc. provides comprehensive benefits administration, payroll and human resource services to employers seeking to outsource functions such as COBRA, HIPAA, payroll and tax deposit, flexible spending account, retirement plans and other services.
ABR operates marketing/service centers in Florida, New Jersey, Virginia, Maryland, California, Wisconsin, South Carolina, Pennsylvania, Arizona, and Colorado.
THE 'SAFE HARBOR' STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. This press release contains forward-looking statements that involve risks and uncertainties including, but not limited to, risks such as: (i) potential for unfavorable interpretation of government regulations or new government legislation; (ii) the ability to attract and retain qualified sales, information services and management personnel; (iii) potential increases in ABR's costs; (iv) potential loss of any material customer; (v) the financial condition of its clients; (vi) the impact of competition from existing and new organizations; (vii) the failure to manage growth and successfully integrate with Ceridian; and (viii) other factors which are described in further detail in ABR's filings with the Securities and Exchange Commission. Such forward-looking statements are based on information available to ABR on the date hereof, and it assumes no obligation to update any such forward-looking statements.
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Contact:
ABR Information Services, Inc., Palm Harbor
James P. O'Drobinak
Chief Financial Officer/Senior Vice President
727/785-2819 x7207
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