CyberSource Shareholders Approve Visa Sale
July 22, 2010
As expected, shareholders of CyberSource Corp. this week approved the offer by Visa Inc. to acquire the Mountain View, Calif.-based e-commerce payments processor. Visa followed up the successful vote by announcing the completion of the $2 billion cash deal. About 71.8 percent of CyberSource’s outstanding shares voted, of which 99.8 percent came out in favor of the purchase. Visa said that the acquisition of CyberSource, announced in April ( CNP Report April 23, 2010 ), expands the San Francisco-based card network’s online payment, fraud, and security management capabilities. “The combination is expected to accelerate the growth of the e-commerce category and enhance the value of Visa’s network, product and service offerings to financial institutions, merchants, partners and consumers,” the company said.