Ipayment (NASDAQ:IPMT)
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From May 2019 to May 2024
iPayment, Inc. (Nasdaq: IPMT) today announced that the
special committee of its Board of Directors has retained Lazard as the
special committee's independent financial advisor in connection with
the special committee's evaluation of the non-binding proposal from a
newly-formed entity, wholly-owned by Gregory S. Daily, its Chairman
and Chief Executive Officer, to acquire all of the outstanding shares
of iPayment for a cash price of $38.00 per share and any alternatives.
In addition, the Special Committee retained Akin Gump Strauss Hauer &
Feld LLP to serve as independent legal counsel to the Special
Committee.
iPayment previously announced on May 16, 2005 that the Board of
Directors had established a special committee consisting of four
independent directors to act on behalf of iPayment with respect to the
proposal and any alternatives in the context of evaluating what is in
the best interests of iPayment and its public stockholders.
iPayment, Inc. is a provider of credit and debit card-based
payment processing services to over 130,000 small merchants across the
United States. iPayment's payment processing services enable merchants
to process both traditional card-present, or "swipe," transactions, as
well as card-not-present transactions, including transactions over the
internet or by mail, fax or telephone.
iPayment cautions its shareholders and others considering trading
in its securities, as follows: the process of considering the proposal
is only in its beginning stages; no decisions whatsoever have been
made by the special committee of the Board in respect of iPayment's
response, if any, to the proposal and shareholders are not now being
asked to take any action with respect to the proposal; the special
committee will proceed in an orderly and timely manner to engage
appropriate advisors, and consider the proposal and its implications;
and there can be no assurance that the proposed transaction or any
other transaction will be approved or completed. This press release
contains forward-looking statements of iPayment regarding a possible
transaction by iPayment. Actual events may differ materially from the
statements included in this press release.