ABR Information Services, Inc. Responds to Nasdaq Questions Related to Stock Trading Halt.PALM HARBOR, Fla.--(BUSINESS WIRE)--July 9, 1999-- ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R Information Services See Information Systems. , Inc. (Nasdaq:ABRX) announced today that it has responded to a Nasdaq request for additional information that was received on July 2, 1999. ABR intends to continue to cooperate with any further inquiries from Nasdaq. Nasdaq halted the trading of ABR stock prior to the opening of the market on July 2, 1999, after several trading days during which ABR's common stock traded above the cash merger consideration of $25.50 per share which will be paid following consummation of ABR's expected merger with a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Ceridian Corporation (NYSE NYSE See: New York Stock Exchange :CEN CEN - Conseil Européen pour la Normalisation. A body coordinating standardisation activities in the EEC and EFTA countries. ). ABR responded to Nasdaq's request for additional information in an effort to have trading resumed in its stock. ABR does not know whether Nasdaq will allow such trading to resume prior to completion of the merger with a wholly owned subsidiary of Ceridian. ABR reiterated today that it continues to be unaware of any information relating to the business of ABR which could have caused ABR's stock price to trade above the expected merger consideration of $25.50 per share. Ceridian has previously informed holders of record of ABR shares that on or about July 19, 1999, pursuant to Ceridian's merger agreement with ABR, the merger will be consummated and that all of the remaining outstanding shares of ABR common stock will be cancelled and converted into the right to receive $25.50 per share in cash, without interest. ABR Information Services, Inc. provides comprehensive benefits administration, payroll and human resource services to employers seeking to outsource functions such as COBRA, HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, , payroll and tax deposit, flexible spending accounts, retirement plans and other services. ABR operates marketing/service centers in Florida, New Jersey, Virginia, Maryland, California, Wisconsin, South Carolina, Pennsylvania, Arizona, and Colorado. |
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