Ccc Information Services (NASDAQ:CCCG)
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CCC Information Services Group Inc. (Nasdaq:CCCG), a
leading supplier of advanced software, communications systems,
Internet and wireless-enabled technology solutions to the automotive
claims and collision repair industries, announced today that entities
affiliated with Investcorp, a global investment group, completed the
acquisition of CCC Information Services Group Inc. The aggregate
consideration paid to CCC stockholders is approximately $496 million.
The terms of the merger are governed by the Agreement and Plan of
Merger, dated as of September 21, 2005, by and among CCC, Cougar
Holdings, Inc. and its wholly owned subsidiary, Cougar Merger Sub,
Inc. Under the terms of the merger agreement, CCC stockholders will be
entitled to receive $26.50 in cash for each share of common stock.
Holders of Series F Preferred Stock will be entitled to receive $1.00
in cash, plus accrued and unpaid dividends, if any, for each share of
Series F Preferred Stock.
Githesh Ramamurthy, CCC's Chairman and Chief Executive Officer,
commented, "We are excited about our new partnership with Investcorp.
The combination of their resources and expertise coupled with CCC's
market leadership and innovation provides a powerful platform to
deliver increased value to customers in the automobile claims and
collision repair industries. All of us at CCC are proud of the value
we have been able to create for our shareholders and we thank them for
their support. At the same time, we eagerly look forward to this next
chapter in the Company's history."
Christopher Stadler, Investcorp's Head of Corporate Investments
for North America, stated, "Under the guidance of a talented
management team, including Mr. Ramamurthy, who will remain CEO, CCC is
positioned to maintain its industry leadership. The company will
continue to implement a focused growth strategy, emphasizing the
expansion of existing business lines and the creation of innovative
new products and solutions for its strong base of customers."
CCC stock will cease to trade on the NASDAQ National Market at the
close of market on February 10, 2006 and will be delisted. The Bank of
New York has been appointed paying agent in connection with the merger
and will be charged with mailing a letter of transmittal and
instructions to all CCC stockholders of record. The letter of
transmittal will direct stockholders on how to surrender shares of CCC
stock in exchange for the merger consideration.
About CCC
CCC Information Services Group Inc. (NASDAQ:CCCG), headquartered
in Chicago, is a leading supplier of advanced software, communications
systems, Internet and wireless-enabled technology solutions to the
automotive claims and collision repair industries. Its
technology-based products and services optimize efficiency throughout
the entire claims management supply chain and facilitate communication
among approximately 21,000 collision repair facilities, 350 insurance
companies, and a range of industry participants. For more information
about CCC Information Services, visit CCC's Web site at www.cccis.com.
About Investcorp
Investcorp is a global investment group with offices in London,
New York and Bahrain. The firm has four lines of business: corporate
investment, real estate investment, asset management and technology
investment. It was established in 1982 and has since completed
transactions with an aggregate value of approximately $28 billion. In
Europe, Investcorp and its clients currently own corporate investments
that include Polyconcept, APCOA, Hilding Anders and Minimax. In the
United States, Investcorp and its clients currently own corporate
investments that include American Tire, Associated Materials and
SourceMedia. Further information is available at www.investcorp.com.
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 and are
subject to the safe harbor provisions of those sections and the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that any such forward-looking statements are not guarantees
of future performance and involve risks and uncertainties, including
those described in the Company's filings with the SEC, and that actual
results or developments may differ materially from those in the
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect
management's analysis, judgment, belief or expectation only as of the
date hereof. The Company has based these forward-looking statements on
information currently available and disclaims any intention or
obligation to update or revise any forward-looking statement.