Justice Department: Close To Settlement On VeriFone-Hypercom Deal
02 8월 2011 - 5:57AM
Dow Jones News
The Justice Department believes it can reach a settlement this
month to resolve its antitrust lawsuit that seeks to block VeriFone
Systems Inc.'s (PAY) proposed $485 million acquisition of Hypercom
Corp. (HYC), the agency said in a court filing Monday.
The department asked a Washington federal judge to stay all
court proceedings until September, saying the parties have engaged
in "extensive settlement discussions" and believe they can reach a
deal by Aug. 30.
The department sued to block the merger in May, arguing that the
deal would harm competition in the market for payment terminals
used by retailers to accept credit and debit cards.
The two companies control more than 60% of the U.S. market for
point-of-sale terminals used by the largest retailers, the
department said.
The companies originally sought to address potential antitrust
concerns by agreeing to sell Hypercom's U.S. business to Ingenico
SA (ING.FR), the largest worldwide provider of such terminals. The
Justice Department, however, said in May that the proposed fix was
inadequate, noting that Ingenico was the only other significant
competitor to VeriFone and Hypercom in the U.S. market.
In Monday's court filing, the department said the parties
"believe that a settlement can be reached whereby an alternative
buyer acceptable to the United States will take control of
Hypercom's U.S. business."
The federal judge overseeing the case granted the government's
request to stay court proceedings until next month.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222;
brent.kendall@dowjones.com
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