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Article: Ceridian Agrees to Be Sold for $5.3B
- Article from:
- AP Online
- Article date:
- May 31, 2007
CopyrightCopyright 2007 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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MINNEAPOLIS - Payroll processor Ceridian Corp. said Wednesday it agreed to a buyout from investment firm Thomas H. Lee Partners LP and insurance provider Fidelity National Financial Inc. in a cash deal valued at about $5.3 billion.
Under the terms of the deal, Ceridian shareholders will receive $36 for each share they own. The deal represents a 5.3 percent premium over Ceridian's closing price on Wednesday and a 17 percent premium over its closing price Feb. 12, the last trading day before the company announced it was looking into strategic options.
"We believe these firms bring complementary skills which will help us build upon our leadership position as we continue to implement our ...