TNS to open books for prospective buyer |
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Wed, 10 Jan 2007 16:01
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RESTON, Va. (AFX) - TNS Inc., which provides secure data and voice transmission for the financial services industry, said Wednesday it is opening its books to a group of prospective buyers led by the company's founder and former chief executive.In late December, John McDonnell Jr. offered $20 per share for the company, backed by private equity firm ABRY Partners and underwritten by JP Morgan, Morgan Stanley and Suntrust.Currently the McDonnell family and ABRY Partners own about 5 percent of the company.TNS plans to provide the group with confidential access to financial information provided it receives a 'best and final offer' by late January. The offer must include financing information and a rough draft of a merger agreement, the company said.McDonnell's offer was lower than a previous $22 bid he made in March, which was rejected by the board in August. TNS had conducted a strategic review of strategic alternatives, including a possible sale, but decided to cut costs in a move to boost profit.The company's shares closed Tuesday at $19.59 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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