By Greg Hazley
Sard Verbinnen & Co. and Joele Frank, Wilkinson Brimmer Katcher are working opposite ends of VeriFone’s $290M hostile bid for rival Hypercom Corp.
Verifone, which makes electronic payment devices, this week upped an all-stock offer spurned by Hypercom last week to a cash deal valued at $290M, a bid which sent Hypercom shares up 50% on Sept. 29.
Joele Frank partner Steve Frankel and director Tim Lynch are supporting Hypercom’s media relations team. Phoenix-based Hypercom said Sept. 30 that its board unanimously rejected the unsolicited cash bid valuing the company at $5.25 per share. After the surge, its stock is trading above $6.
SV managing director Paul Kranhold and principal John Christiansen, both based in San Francisco, are working San Jose-based VeriFone’s PR response. The company released its letter to Hypercom’s board Sept. 27 noting its “disappointment in your failure to engage in a meaningful discussion” of the primary offer, before outlining the cash proposal.
VeriFone is also working with the proxy firm MacKenzie Partners, while Hypercom has hired Innisfree M&A Incorporated.
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