|
Reuters wins Bridge bid
|
 |
April 30, 2001: 2:01 p.m. ET
Reuters beats out SunGard in auction for certain assets of bankrupt Bridge
|
NEW YORK (CNNfn) - Reuters Group PLC edged out information technology company SunGard Data Systems Inc. Monday for certain assets of bankrupt company Bridge Information Systems.
According to a Reuters (RTRSY: up $2.29 to $89.49, Research, Estimates) statement, its $275 million bid was determined to be the "highest and best" by Bridge, which is under Chapter 11 reorganization.
Bridge assets covered by the bid include Bridge Information Systems in North America, bond pricing and data service EJV, Bridge Trading Technologies, eBridge, which provides Internet solutions to institutional investors, and commodity pricing service CRB Index.
SunGard (SDS: up $0.79 to $55.20, Research, Estimates) which had the right to try and top the Reuters bid, instead decided to drop out of the auction process.
"Bridge's core U.S. equities information business has a strong base among institutional investors, an area in which Reuters has traditionally been under-represented and where there are a variety of strong competitors," said Peter Job, Reuters chief executive, and Tom Glocer, Reuters chief executive designate, in a statement.
The bid is still subject to approval by the Bridge boards of directors and the U.S. Bankruptcy Court in St. Louis, which is meeting May 3. If approval is granted, the transaction is expected to close in four months.
Reuters said it expects the deal to be "moderately dilutive" to earnings per share of the two-year integration period. 
|
|
|
|
|
 |
|
