Interactive Data's Tessler to retire and sell 1.1m shares to Pearson DBC
09 January 2006 | 1568 views | 0
Source: Interactive Data
Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data and analytic tools to institutional investors, active traders and individual investors, today announced that Allan R. Tessler, 69, plans to retire from the Company's Board of Directors upon the appointment of a successor.
Mr. Tessler has served on the Interactive Data Board of Directors since the merger of Data Broadcasting Corporation and Interactive Data in February 2000, and prior to that was co-chairman of the Data Broadcasting Board of Directors since 1992 and was Data Broadcasting's co-chief executive officer from 1992 until November 1999.
"We will be very sorry to see Allan leave our Board but understand and respect his decision to retire," stated John Makinson, chairman of Interactive Data's Board of Directors. "Allan played a key role in building the Data Broadcasting Corporation business prior to its merger with Interactive Data in 2000, and since then has given us the benefit of his tremendous experience and wise counsel as a very active member of our Board. As chair of our Audit Committee, Allan recently led our successful efforts to address Section 404 of the Sarbanes-Oxley Act involving the Company's internal control over financial reporting. We are grateful for all his support, contributions and service to our organization and wish him the very best for his retirement."
As part of Mr. Tessler's retirement planning, Mr. Tessler and certain Tessler family trusts have entered into an agreement to sell 1,130,739 shares of Interactive Data common stock to Pearson DBC Holdings Inc., a Delaware corporation and an indirect subsidiary of Pearson plc (NYSE: PSO), at a price of $21.67 per share. This purchase price is based on an average of Interactive Data's closing stock price over an extended trading period. Following the completion of this transaction, Pearson will own 57,554,795 shares of Interactive Data common stock, or 61.7 percent of Interactive Data's total shares outstanding.
"Selling my family's holdings in Interactive Data is part of the generational planning designed to diversify our investment portfolio," stated Allan Tessler. "I have greatly enjoyed serving on the Interactive Data Board of Directors from its inception and have greatly appreciated working with the management team over the past 6 years, in whom I have substantial confidence. Interactive Data's strategy and prospects for the future continue to appear bright to me, and I wish management and my colleagues on the Board future success."