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First Data - KKR Deal Moves Forward

First Data appears to be moving toward accepting the $29 billion buyout proposal from Kohlberg Kravis Roberts (KKR) announced in April. Under the tedrms of the agreement, First Data had 50 days to seek additional bidders for its business, but according to Cardline, the company is reporting that the search for another suitor came up empty when the 50-day period expired this week.

First Data is expected to file a preliminary proxy statement with the Securities and Exchange Commission shortly, which will be followed by a final proxy statement seeking shareholder approval for the deal. KKR is offering a cash payment of $34 per share for First Data 's publicly traded stock.

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