Hoover's bidders Austin, Marathon back out
[A-hole weasels. I assume the bid was phony from the start. Arrest them now !]
Reuters, 02.13.03, 8:19 AM ET
AUSTIN, Texas, Feb 13 (Reuters) - Two bidders who teamed up to make an offer for Hoover's Inc. (nasdaq: HOOV - news - people) have backed out, the online information provider said on Thursday, clearing the way for its proposed sale to D&B. (nyse: HOOV - news - people)
Buyout firm Marathon Partners and technology investor Austin Ventures, the partnership that was bidding $8 a share, is withdrawing its bid after it said on Tuesday it would drop its lawsuit to block the D&B deal.
The Marathon-Austin partnership had announced its higher bid on Feb. 7, and D&B, formerly known as Dun & Bradstreet, said it would not sweeten its offer.
Mario Cibelli, the portfolio manager at Marathon, and his adviser Ken Marlin could not immediately be reached for comment.
Hoover's shares, which were halted for news dissemination, closed at $7.58 in Wednesday trading on the Nasdaq.
Copyright 2003, Reuters News Service |
