REUTERS CONFIRMS BID TO ACQUIRE ASSETS OF BRIDGE INFORMATION.Reuters Group (London) has submitted a bid to acquire certain assets of Bridge Information Systems Inc. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ), a provider of financial news. Bridge filed for Chapter 11 in February and began the competitive bidding Competitive bidding A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. competitive bidding 1. process for its assets in March. Reuters bid focuses on Bridge's core U.S. institutional securities businesses, including Bridge Information Systems North America, the EJV EJV Equity Joint Venture (limited liability company established under Chinese law) bond data and analytics business, the Bridge Trading Company brokerage business, the Bridge Trading Technologies and Transaction Services business, the eBridge Internet business, and an option on Bridge's interest in Savvis Communications. It does not include an offer for ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. , Telerate, BridgeNews, Australian unit BridgeDFS and other Bridge Information Systems outside North America. Established in 1979, Bridge expanded through acquisitions, including the purchase of EJV Partners in 1995, the financial information division of Knight-Ridder for $275 million in 1996 and Dow Jones Markets (Telerate) from Dow Jones for $510 million, including $150 in Bridge stock, in 1998. Final approval for sale of the Bridge assets to specific bids is expected to be given at a bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. hearing on April 19. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion