DENVER and MEMPHIS, Tenn., Oct. 29 /PRNewswire-FirstCall/ -- First Data
(NYSE: FDC) and Concord EFS, Inc. (NYSE: CE) today announced that on October
28, 2003, U.S. District Court Judge Rosemary Collyer entered a scheduling
order in the litigation filed by the Department of Justice with respect to the
proposed merger of the companies. Among other things, that order provides
that a hearing on the government's motion for a preliminary injunction will be
consolidated with a trial on the merits and will begin on December 15, 2003.
"The union of First Data and Concord is pro-competitive and good for the
payments industry. We look forward to proving that in court and are thankful
that the court has agreed to an expedited schedule," said Charlie Fote,
chairman and CEO of First Data Corp.
On April 2, 2003, First Data and Concord announced that the two companies
had entered into a definitive agreement to merge in an all-stock transaction
valued at approximately $7 billion. For six months both companies worked
cooperatively with the Department of Justice (DOJ) seeking clearance under the
Hart-Scott-Rodino Antitrust Improvements Act. Notwithstanding these efforts,
on October 23, 2003 the DOJ filed a civil antitrust lawsuit to block the
proposed merger. Consummation of the merger remains subject to such
litigation.
First Data and Concord announced that its shareholders voted to approve
the transaction at separate meetings held on October 28, 2003.
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, helps
power the global economy. As an electronic commerce and payment services
company, First Data serves approximately 3 million merchant locations, 1,400
card issuers and millions of consumers, making it easy, fast and secure for
people and businesses to buy goods and services using virtually any form of
payment. With 29,000 employees worldwide, the company provides credit, debit,
smart card and stored-value card issuing and merchant transaction processing
services; Internet commerce solutions; money transfer services; money orders;
and check processing and verification services throughout the United States.
First Data also offers a variety of payment services in the United Kingdom,
Australia, Canada, Japan, Mexico, Spain, the Netherlands, the Middle East and
Germany. Its Western Union and Orlandi Valuta money transfer networks include
approximately 169,000 Agent locations in more than 195 countries and
territories. For more information, please visit http://www.firstdata.com .
About Concord EFS, Inc.
Concord EFS, Inc., a vertically integrated electronic transaction
processor, provides the technology and network systems that make payments and
other financial transactions faster, more efficient, and more secure than
paper-based alternatives. Concord acquires, routes, authorizes, captures, and
settles virtually all types of electronic payment and deposit access
transactions for financial institutions and merchants nationwide. Concord's
primary activities include Network Services, which provides automated teller
machine (ATM) processing, debit card processing, deposit risk management, and
STARsm network access principally for financial institutions; and Payment
Services, which provides point of sale processing, settlement, and related
services, with specialized systems focusing on supermarkets, major retailers,
gas stations, convenience stores, restaurants, and trucking companies. For
more information, visit us at http://www.concordefs.com .
FDC-1
SOURCE First Data; Concord EFS, Inc.
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Related links:
http://www.firstdata.com
CONTACT:
Investor Relations, David Banks,
+1-303-967-8057, david.banks@firstdatacorp.com, or Media
Relations, Staci Busby, +1-303-967-7188,
staci.busby@firstdatacorp.com, both of First Data
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