First Data Shareholders Approve Concord EFS MergerBy Channel Insider Staff | Posted 2003-10-30 Email Print
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US Department of Justice intervenes as transaction processing giants move closer to merger.DENVER A US District Court judge set December 15 as the date to hear a Department of Justice request for an injunction to stop the proposed merger of First Data and Concord EFS, giants in transaction processing services and e-commerce solutions.
In April the companies announced a definitive merger agreement in an all-stock transaction valued at $7 billion.
Shareholders of both companies approved the merger in separate meetings on October 28, five days after the Department of Justice (DOJ) filed its civil antitrust action seeking an injunction to stop it.