DATATRONIX SIGNS AGREEMENT AND PLAN OF MERGER FOR ACQUISITION BY FISERV INC.
SAN DIEGO, May 4 /PRNewswire/ -- Datatronix Financial Services (OTC) and FIserv Inc. (NASDAQ: FISV) today announced that the two companies had executed an Agreement and Plan of Merger for the acquisition of Datatronix by FIserv. The two companies had previously announced an agreement in principle. According to this definitive agreement, shareholders of Datatronix would receive $31.75 per share, less transaction costs, payable in FIserv common stock. FIserv stock will be valued using its average closing price for the 30 business days prior to a determination date occurring two days before the merger is concluded. The merger, which is subject to shareholder approval and other customary conditions, is expected to be concluded on or about July 1, 1993. "Speaking on behalf of Datatronix's board of director," reports James S. Brown, chairman of Datatronix, "we are extremely pleased and proud of the remarkable performance of this unique company. In a relatively short period, Datatronix President Michael Trefero led a seasoned staff of managers and employees on an aggressive expansion that positioned Datatronix as California's acknowledged leader in check processing. With FIserv, the company's key position in the California marketplace will continue to be enhanced for the benefit of all of our customers and employees." According to Trefero, "It is great to have the definitive agreement signed. We look forward to this new relationship. The depth of services that we will be able to provide to our customers will help us compete more effectively and aggressively." Datatronix Financial Services is a full-service check and financial item processor for financial institutions. Headquartered in San Diego, the company operates facilities in San Diego, Costa Mesa, Glendale, Riverside and San Leandro, Calif. Milwaukee-based FIserv Inc. is an independent provider of financial data processing systems and related information management services and products to banks, credit unions, mortgage firms, savings institutions and other financial intermediaries. With a dedicated support network of approximately 4,800 employees, the total client base served by FIserv and its subsidiaries includes approximately 5,000 financial institutions worldwide. -0- 5/4/93 /CONTACT: Michael G. Trefero, president of Datatronix, 619-291-3282/ (FISV)
CO: Datatronix Financial Services; FIserv Inc. ST: California, Wisconsin IN: FIN SU: TNM
LS-MS -- SD002 -- 4493 05/04/93 16:12 EDT
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|Date:||May 4, 1993|
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