WESTPORT, Conn., June 2 /PRNewswire/ -- Cognizant Corporation (NYSE: CZT)
today announced that the Securities and Exchange Commission has declared
effective the Registration Statement on Form S-4 relating to the acquisition
of Walsh International (Nasdaq: WSHI). Subject to approval of Walsh
shareholders, Cognizant anticipates completing the acquisition prior to the
spin-off of IMS HEALTH.
Cognizant plans to separate into two public corporations -- IMS HEALTH and
Nielsen Media Research -- by mid-1998. On May 27, 1998, the company received
a favorable tax ruling from the Internal Revenue Service as to the tax-free
treatment of the transaction.
Proxy materials will be sent to Walsh shareholders during the first week
of June, with a Walsh shareholders meeting to vote on the acquisition
scheduled on June 24, 1998.
"We're on track to complete both the Walsh acquisition and the spin-off by
the end of June," said Robert E. Weissman, Cognizant Chairman and CEO.
Information on the Walsh acquisition will be provided to investors this
week, and will be available upon request by contacting Jack Walsh, Vice
President -- Investor Relations, 203-222-4250.
Cognizant Corporation integrates information and technology to create
business insight. Its principal operating units are IMS, which offers global
information solutions to the pharmaceutical and healthcare industries, and
Nielsen Media Research, the leader in audience measurement for electronic
media. Cognizant also is the largest shareholder of Gartner Group, the
premier provider of research and advisory services to the information
technology industry. Additional information is available at Cognizant's
web site: http://www.cognizantcorp.com.
SOURCE Cognizant Corporation
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Related links:
http://www.cognizantcorp.com
CONTACT:
Joseph C. Allen of Cognizant, 203-222-4235
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