Leading consumer credit reporting company, Equifax, Inc., has acquired ID Watchdog, a company that provides identity theft protection products. Sources have indicated that the transaction of this acquisition is around $63 million and is an all-cash deal. There was a major shareholder meeting at ID Watchdog, where 96% of members approved the acquisition. According to the terms of the acquisition, the shareholders of ID Watchdog will receive a cash compensation of $0.40 per “ordinary” share, which is the regular Per Share Consideration.
As the acquisition process culminates, the company’s ordinary shares will be delisted from TSX Venture Exchange and trading in these shares will cease. The two companies were represented by their financial and legal advisors. ID Watchdog was represented by financial advisor Headwaters MB and legal advisors Polsinelli PC, Fogler, Rubinoff LLP and Walkers. Equifax’s legal advisor is King & Spalding LLP.
The company has hired a payment administrator to facilitate the payment of per share consideration. The shareholders will receive a notification from the payments administrator with details on accessing an online portal to complete formalities of transmittal before they can receive payment of the Per Share Consideration.
ID Watchdog is an award-winning identity theft protection company that provides an array of products and services to the employee benefits sector. The company was formed in 2005 and it works on its own proprietary technology for creating the solutions that it offers. The company owns six different awards from the industry for its identity protection software and services.
Equifax is a global information services company that provides consumer credit reporting. The company uses data from trusted sources as well as analytics and technology to churn out information and ratings on consumers. Equifax provides information on 820 million consumers and more than 91 million businesses globally.