EDS‘s MNSC/Mynd Offer Removed from the Table
Monday, May 15th, 2000 TechnologyTexas-based EDS said this morning it has withdrawn its proposal to acquire Policy Management Systems Corporation, now known as Mynd Corporation, after completing due diligence. In late April, EDS had offered to buy the firm for a reported $700 million, topping an offer made earlier in the month by an investment firm (See "EDS Sets Sights on Mynd"). The earlier bid, by New York-based Welsh, Carson, Anderson & Stowe, was reported to be worth about $100 million less. Nancy Voith, EDS spokeswoman, told PropertyAndCasualty.com, "EDS does not comment on merger on comment on merger and acquisition discussions." In its announcement of interest, Richard H. Brown, chairman to the board and CEO of EDS, wrote, "EDS is very interested in PMSC and believes that our proposal should be compelling to your shareholders and advisors.
