NetSpend Holdings Inc. (NTSP) Wednesday said it will adjourn its special meeting of stockholders to be held in connection with its proposed merger with Total System Services Inc., in order to provide additional time for alternative acquisition proposals.
On February 19, global payment solutions provider Total System Services, or TSYS, (TSS) announced it will acquire NetSpend, a provider of reloadable prepaid debit cards, for about $1.4 billion in cash.
NetSpend also announced certain modifications to its merger agreement with TSYS. The termination fee payable by NetSpend to TSYS if they terminate the deal has been reduced to $44.0 million from $52.6 million. The matching period for notice to TSYS before NetSpend may enter into a superior proposal has been reduced to three business days from five.
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