CyberSource Terminates Negotiations with CardSystems

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00023536-cybersource-terminates-negotiations-with-/

CyberSource Corporation announced at 12:00 p.m. Pacific time Saturday that it had withdrawn its offer to purchase the assets of CardSystems Solutions, Inc. of Atlanta, Georgia. The reason stated for CyberSource’s termination was the inability of the parties to reach agreement in a timely manner that created severe obstacles to closing the transaction.

On September 23, 2005, CyberSource announced it had signed a non-binding letter of intent to acquire the assets of CardSystems. On September 29, 2005, Visa U.S.A. stated that it was delaying by three months its plan to cut ties with CardSystems. The extension of CardSystems’ processing deadline from October 31, 2005 to January 31, 2006 was granted for the sole purpose of facilitating the planned acquisition of CardSystems’ assets by CyberSource.

CyberSource Terminates Negotiations with CardSystems

Unknown Author

Featured Resources

Webinars

RA Compliance Corner: Managing Your Service Providers- Do you really have it all in order?

About