June 22, 2007
Authorize sells in lieu of meeting
By Matthew L. Brown
The time for CyberSource Corp.'s $565 million purchase of Marlborough-based Authorize.Net Holdings Inc. is drawing near, and Authorize has postponed a shareholders meeting scheduled for next week.
The shareholders meeting was to be held in lieu of an annual meeting, according to Authorize. The company said it expects to hold a special meeting regarding the sale of the company, but said that meeting has not yet been scheduled.
Authorize, formerly Lightbridge Inc., would only hold an annual meeting of stockholders if the merger agreement with CyberSource were terminated before the transaction is submitted for stockholder approval.
The transaction should be finalized in September or October, according to Authorize. The company said shareholders should "disregard" any proxy materials the company filed with the U.S. Securities and Exchange Commission before the postponement announcement Thursday.
In its latest proxy statement, Authorize reported that company CEO Robert E. Donohue, who made $2.4 million in 2006, could make as much as $6.4 million by leaving the company after a change in control or ownership.
Authorize and Mountain View, Calif.-based CyberSource develop internet payment and security systems for retail merchants.
The shareholders meeting was to be held in lieu of an annual meeting, according to Authorize. The company said it expects to hold a special meeting regarding the sale of the company, but said that meeting has not yet been scheduled.
Authorize, formerly Lightbridge Inc., would only hold an annual meeting of stockholders if the merger agreement with CyberSource were terminated before the transaction is submitted for stockholder approval.
The transaction should be finalized in September or October, according to Authorize. The company said shareholders should "disregard" any proxy materials the company filed with the U.S. Securities and Exchange Commission before the postponement announcement Thursday.
In its latest proxy statement, Authorize reported that company CEO Robert E. Donohue, who made $2.4 million in 2006, could make as much as $6.4 million by leaving the company after a change in control or ownership.
Authorize and Mountain View, Calif.-based CyberSource develop internet payment and security systems for retail merchants.
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