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Tuesday, June 21, 2005 rejects buy-out offer (RCOM) and implications for InfoUSA (IUSA)'s board rejected the buy-out offer of $7.10 a share as inadequate. Apparently, the independent board members felt the offer is too low. Huzzah for independent directors! Finally, a situation where board members appear to be exercising their fiduciary duty and muscle. A review of the board member biographies shows lots of VC and Private Equity experience -- in other words, people who know about value and how to extract value in a transaction.
It will be interesting to see if InfoUSA's board follows the same process. IUSA has traded above it's buy-out offer of $11.75 recently (as predicted).


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