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Rating:DST Comments on Suitor Buzz Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 16, 2011

DST Comments on Suitor Buzz

Reported by Armie Margaret Lee

DST Systems yesterday issued a statement saying that it has gotten "informal inquiries from time to time regarding its interest in engaging in a sale transation to a private equity firm." DST officials said they do not plan to pursue a sale at this time.

The Kansas City, Missouri-based mutual fund back-office provider made the comments after Reuters reported that the company has received "several buyout overtures" from private equity shops in recent months.

In its statement, DST officials said that they have "informed each of the firms who have made inquiries that DST's board of directors has unanimously concluded that it is in the best interests of its stockholders for DST to remain independent and not to pursue a sale transaction at this time. DST believes its current stock price is not representative of its long-term intrinsic value, does not reflect the value of its assets and would not be a sensible starting point for discussions or negotiations regarding a sale transaction."

Here's the complete statement:
DST SYSTEMS, INC. RESPONDS TO NEWS REPORT

KANSAS CITY, MO (June 15, 2011) DST Systems, Inc. (NYSE: DST) clarified a news report published yesterday evening by Reuters. Like many public companies, DST has received informal inquiries from time to time regarding its interest in engaging in a sale transaction to a private equity firm. However, DST is not in discussions with private equity firms or any other party regarding a sale of the Company. DST has informed each of the firms who have made inquiries that DST's board of directors has unanimously concluded that it is in the best interests of its stockholders for DST to remain independent and not to pursue a sale transaction at this time. DST believes its current stock price is not representative of its long-term intrinsic value, does not reflect the value of its assets and would not be a sensible starting point for discussions or negotiations regarding a sale transaction. DST remains focused on generating long-term value for its stockholders and believes that initiatives currently underway and planned will address current challenges and help restore market value to appropriate levels. The Company does not intend to comment further about speculation relating to such transactions.
 

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