NEW YORK - American Business Information Inc., which failed this week to buy consumer-information giant Metromail Corp. said Tuesday it had not missed the deadline to submit a complete bid.
The company's US$882-million cash offer was edged out on Monday by a London-based home-shopping and mail-order group that offered $845 million. Late that evening, Metromail's board of directors reaffirmed its earlier decision to accept the bid by Great Universal Stores PLC, after it determined American Business had missed the midday deadline to turn in all the appropriate documentation.
American Business, a top supplier of business and consumer marketing data in the United States and Canada, said it had submitted a fully financed US$36-per-share offer before a Monday evening deadline for the company to consider bids.
The bidding war for Illinois-based Metromail heated up over the weekend when American Business raised its bid to $37.48 in cash and stock, topping the latest bid by Great Universal, announced Friday, of $34.50 a share for Metromail.
American Business had made its final bid after it failed in court on Friday to block progress on the existing merger deal between Great Universal and Metromail.
American Business had argued that Metromail had not given Great Universal rivals a fair chance.
Great Universal gained the upper hand after its rival said it would be unable to meet a deadline to prove it could finance the higher offer. Metromail and Wall Street had raised questions about American Business' ability to finance its bid.
Another factor in Great Universal's favor was that the company said Monday it had gained key antitrust clearance from US regulators to merge with Metromail, a card that American Business could not play.
