Business Services Industry
Shareholders Approve Merger of Debit-Card Processors First Data, Concord.
Knight Ridder/Tribune Business News, October, 2003
By Virgil Larson, Omaha World-Herald, Neb. Knight Ridder/Tribune Business News
Oct. 29--Shareholders of First Data Corp. and Concord EFS Inc. on Tuesday approved merging the two companies, a deal the Justice Department is trying to block.
Of the Concord shareholders who voted, 98.5 percent favored the merger. That was 63.3 percent of all outstanding shares. First Data did not release its vote percentages.
The Justice Department's antitrust division sued the two companies Thursday, saying First Data's $7 billion takeover of Concord "would substantially reduce competition" among the networks that process debit-card transactions that are done by customers punching in a personal identification number.
The Justice Department went...
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