IHS Said to Explore Counteroffer to Vista for Solera HoldingsBy
Solera-Vista pact includes `go shop' to solicit other bids
Vista agreed to buy Solera Holdings for $6.5 billion
IHS Inc., the Englewood, Colorado-based company that provides data to global businesses, is considering topping Vista Equity Partners’ $55.85-a-share offer for Solera Holdings Inc., people with knowledge of the matter said.
Solera mentioned in a Sept. 16 regulatory filing an “excluded person” it could continue negotiations with during a go-shop period -- a span in which it can solicit competing bids. IHS is that party, said the people, who asked not to be identified because the process is private.
Vista agreed to buy Solera for $6.5 billion including net debt, Solera said in a Sept. 13 statement. The go-shop period lasts for 28 days from the date of the companies’ agreement, the filing shows. IHS is working with a financial adviser and will probably make an offer that tops Vista’s by the end of that period, one of the people said.
Vista’s offer was 13 percent above Solera’s closing price on Sept. 11.
IHS should be able to pay more than Vista if it makes a compelling argument for synergies, said the people. Solera provides risk-management software for insurers. IHS offers products and services in a variety of industries, including insurance.
A spokesman for IHS declined to comment. Representatives for Westlake, Texas-based Solera and Vista didn’t immediately respond to requests for comment. Reuters previously reported that Solera sought interest from IHS, in an article that said buyout talks had stalled.
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