Pitney Bowes, Firstlogic Call Off MergerPitney Bowes Inc. and Firstlogic Inc. have canceled their merger agreement, the companies said yesterday.
The move concludes Pitney Bowes' planned acquisition of Firstlogic, which was announced Sept. 1. At the time, Pitney Bowes said it signed a definitive agreement to acquire all of the remaining outstanding shares of Firstlogic for $50.3 million, excluding cash and debt on the balance sheet. Pitney Bowes, Stamford, CT, currently has 10 percent equity ownership of the company.
Firstlogic, La Crosse, WI, would have become a wholly owned subsidiary of Pitney Bowes. Firstlogic develops and markets software and services that improve operations in data quality, mailing efficiency and postal automation.
"After reviewing the Second Request for Information issued by the Federal Trade Commission, we mutually decided that it was in the best interest of all involved not to proceed further with the acquisition," Firstlogic president Eric Lieberman said in a statement. "Although we are naturally disappointed in this result, we have also learned a great deal by going through this process that can make us a better company."