First Data and Concord EFS, Inc. announced that on October 28, 2003, U.S. District Court Judge Rosemary Collyer entered a scheduling order in the litigation filed by the Department of Justice with respect to the proposed merger of the companies. Among other things, that order provides that a hearing on the government’s motion for a preliminary injunction will be consolidated with a trial on the merits and will begin on December 15, 2003.
“The union of First Data and Concord is pro-competitive and good for the payments industry. We look forward to proving that in court and are thankful that the court has agreed to an expedited schedule,” said Charlie Fote, chairman and CEO of First Data Corp.
On April 2, 2003, First Data and Concord announced that the two companies had entered into a definitive agreement to merge in an all-stock transaction valued at approximately $7 billion. For six months both companies worked cooperatively with the Department of Justice (DOJ) seeking clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Notwithstanding these efforts, on October 23, 2003 the DOJ filed a civil antitrust lawsuit to block the proposed merger. Consummation of the merger remains subject to such litigation.
First Data and Concord announced that its shareholders voted to approve the transaction at separate meetings held on October 28, 2003.
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, helps power the global economy. As an electronic commerce and payment services company, First Data serves approximately 3 million merchant locations, 1,400 card issuers and millions of consumers, making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of payment. With 29,000 employees worldwide, the company provides credit, debit, smart card and stored-value card issuing and merchant transaction processing services; Internet commerce solutions; money transfer services; money orders; and check processing and verification services throughout the United States. First Data also offers a variety of payment services in the United Kingdom, Australia, Canada, Japan, Mexico, Spain, the Netherlands, the Middle East and Germany. Its Western Union and Orlandi Valuta money transfer networks include approximately 169,000 Agent locations in more than 195 countries and territories. For more information, please visit http://www.firstdata.com .
About Concord EFS, Inc.
Concord EFS, Inc., a vertically integrated electronic transaction processor, provides the technology and network systems that make payments and other financial transactions faster, more efficient, and more secure than paper-based alternatives. Concord acquires, routes, authorizes, captures, and settles virtually all types of electronic payment and deposit access transactions for financial institutions and merchants nationwide. Concord’s primary activities include Network Services, which provides automated teller machine (ATM) processing, debit card processing, deposit risk management, and STARsm network access principally for financial institutions; and Payment Services, which provides point of sale processing, settlement, and related services, with specialized systems focusing on supermarkets, major retailers, gas stations, convenience stores, restaurants, and trucking companies. For more information, visit us at http://www.concordefs.com .Details