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First Data poised to buy Concord EFS - WSJ

01 April 2003  |  2881 views  |  0 First Data poised to buy Concord EFS - WSJ

First Data Corp is poised to buy rival electronic funds transfer outfit Concord EFS for $7 billion, according to a report in the Wall Street Journal.

Citing people familiar with the deal, the newspaper says the boards of both companies are expected to meet Tuesday for make-or-break talks. The two came close to agreeing a takeover just a few weeks ago, says the Journal, but the negotiations dragged due to worries about the long-term durability of banking contracts in Concord's Star ATM network.

Neither Concord nor First Data have commented on the reports which contemplate a possible $15 per share price tag valuing the business at approximately $7 billion. This would represent a 60% premium to Concord's current stock price of $9.80, but would still be a discount to the $16 level where it was trading in January, and way off a 52-week high of $35.06.

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