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June 15, 2007
Snag in Fidelity's buyout plans?
Ceridian Corp.'s largest shareholder says combined offer of $5.3 billion is not enough.
Ceridian Corp.'s largest shareholder said Wednesday he opposes a proposed buyout of the company by Fidelity National Financial Inc. and Thomas H. Lee Partners L.P., because the $5.3 billion price is too low.
Pershing owns 14.9 percent of Ceridian's stock.
Ceridian, a Minneapolis-based company that provides outsourced human resources and payment processing services, announced last month that its board of directors had agreed to the $36-a-share buyout.
Jacksonville-based Fidelity and investment firm Thomas H. Lee are equal partners, but the firms expect other investors to join them in the deal, so Fidelity would end up owning less than 50 percent.
Posted by S. Germain at June 15, 2007 09:23 AM