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InfoUSA board rejects Gupta’s buyout offer

Published on .

Omaha, Neb.—A special committee of infoUSA’s board of directors on Wednesday said it has rejected an offer by Chairman-CEO Vinod Gupta to acquire the company and take it private. Gupta made an offer in June to buy all outstanding shares for $11.75 each in cash.

Gupta responded by withdrawing his proposal and said he does not intend to sell shares of his stock or vote to change company control.

The special committee also told Gupta that, in light of his proposal and potential strategic alternatives available to the company, “that it is in the best interests of the company’s stockholders to continue to explore potential strategic alternatives,” according to the press release.

—Carol Krol


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