Symphony, Tennenbaum ink IRI buyout deal

Drug Store News, July 21, 2003

CHICAGO -- After a series of derailments, Information Resources Inc. has aligned itself with an enterprise software provider to gain new momentum in the market research business.

The company has agreed to be acquired by Symphony Technology II-A and private investment firm Tennenbaum Capital Partners.

The acquisition will combine IRI's data mining capabilities with performance management technology developed at Symphony to serve consumer products goods manufacturers and retailers across all channels.

After a series of challenges, sparked in part by its largest client Procter & Gambles' decision in December to move its $30 million account to competitor ACNielsen, IRI has been on the hunt for a buyer. In February, the company announced it had retained Chicago-based firm William Blair & Co. to explore strategic options.

Under the terms of the deal, the newly formed corporation owned by Symphony and Tennenbaum will offer IRI stockholders $3.30 a share in cash and a 60 percent stake in any proceeds from IRI's an antitrust lawsuit against ACNielsen.