RealTime IT News

Hoover's Votes to Sell to D&B

Shareholders of corporate information/database company Hoover's Inc. voted to approve the takeover of the company by fellow database company D&B for $7 per share, or about $117 million.

Once finalized, the takeover would make the Murray Hill, N.J.-based Hoover's database business, including its growing online subscription business, a part of D&B's plan to expand its own range of research and corporate data.

The sale vote would also mark the final chapter in a takeover plan that almost got bumped off track when a group of dissident Hoover's shareholders and other investors stepped up with an offer that topped D&B's bid at $8 per share.

The competing bid, which valued the company at over $130 million, came from an investment group comprised of venture capital firm Austin Ventures and minority shareholder Marathon Partners, whose principal had previously called the $7 per offer inadequate because it didn't value D&B's online subscription business high enough.

But within one week, after conducting due diligence on the deal, the investor group had withdrawn the $8 bid offer, leaving D&B's original bid a possible victor.

"We are pleased that the holders of a majority of our shares voted in support of the transaction," said Jeffrey R. Tarr, Chairman and CEO of Hoover's. "We look forward to closing later today."

D&B was formerly known as Dunn & Bradstreet.