22 October 2017
Find out more

Justice Dept clears Reuters' bid for Bridge

30 August 2001  |  3538 views  |  0 Reuters Sign

The US government has closed its review of Reuters bid to acquire certain assets of Bridge Information Systems Inc. without taking any action or imposing any conditions. The bid had been subject to review by the US Department of Justice under the Hart-Scott-Rodino Antitrust Act since early May.

Reuters says it is working closely with Bridge to satisfy the remaining closing conditions and complete the transaction within the next few weeks. Accordingly, Reuters has exercised its right to extend the term of the purchase agreement to 30 September 2001.

Bridge and some of its affiliates have been in reorganisation proceedings under Chapter 11 of the US Bankruptcy Code since earlier this year. In late April, Bridge declared Reuters the winner of an auction for certain of Bridge's business operations, and the US Bankruptcy Court approved the Reuters bid in early May.

The bid has led to bad feelings between Reuters and rival bidder SunGard, which has agreed with Reuters not to poach Bridge staff without first obtaining written consent. The agreement followed a lawsuit filed by Reuters which alleged that SunGard was actively recruiting senior Bridge Trading executives in violation of conditions imposed during due diligence proceeding.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Reuters and E*Trade open gateway for CXTrader

Reuters and E*Trade open gateway for CXTrader

24 August 2001  |  6093 views  |  0 comments
Dow Jones Newswires wins Bridge news contracts

Dow Jones Newswires wins Bridge news contracts

10 August 2001  |  3116 views  |  0 comments
SunGard acquires PowerPartner from Bridge

SunGard acquires PowerPartner from Bridge

07 August 2001  |  3888 views  |  0 comments
Reuters to consolidate software support at new Thai centre

Reuters to consolidate software support at new Thai centre

02 August 2001  |  2910 views  |  0 comments
Reuters links to e-MID for European money market trading

Reuters links to e-MID for European money market trading

26 July 2001  |  3276 views  |  0 comments
Reuters interim revenues up 14 per cent; 1100 job losses confirmed

Reuters interim revenues up 14 per cent; 1100 job losses confirmed

24 July 2001  |  3387 views  |  0 comments
Reuters to axe more than 1,000 jobs - FT

Reuters to axe more than 1,000 jobs - FT

24 July 2001  |  2813 views  |  0 comments
Prudential Securities orders 11,000 Reuters Plus positions

Prudential Securities orders 11,000 Reuters Plus positions

23 July 2001  |  3655 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.atos.netvisit www.innotribe.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13516 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12452 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9604 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9262 views comments | 11 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8618 views comments | 9 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job