Cannae Holdings Announces Support for Dun & Bradstreet Sale, Increases Share Buyback, and Transitions to Annual Board Elections
LAS VEGAS,
Cannae Holdings, Inc. (NYSE: CNNE), a business development company, recently announced several significant corporate actions. The Company expressed its support for the sale of Dun & Bradstreet (“DNB”), a leading global provider of business insights, and increased its share buyback authorization to approximately 23 million shares.
Dun & Bradstreet Sale
Cannae Holdings, through its subsidiary, Cannae Investment Management, LP, owns approximately 13.6% of DNB’s outstanding common stock. The Company announced its support for the sale of DNB following the recent announcement by DNB’s Board of Directors that they have entered into a definitive agreement to be acquired by a consortium of investors led by the Permira Funds for $160.00 per share in cash. The transaction is expected to close in the second quarter of 2023, subject to customary closing conditions.
Share Buyback Authorization
In addition to expressing support for the Dun & Bradstreet sale, Cannae Holdings also announced an increase in its share buyback authorization. The Company’s Board of Directors has approved an increase in the size of the existing share repurchase program by approximately 12.5 million shares, bringing the total authorization to approximately 23 million shares. The Company may repurchase shares from time to time in the open market or in privately negotiated transactions, subject to market conditions and other factors.
Transition to Annual Board Elections
Lastly, Cannae Holdings also announced its plans to transition to a declassified board with annual elections of all directors. The Company’s current bylaws provide for classified terms, with directors being divided into three classes serving three-year terms. The transition to annual elections is expected to be effective upon the conclusion of the 2023 annual meeting of stockholders.
Impact on Individual Investors
For individual investors, the sale of Dun & Bradstreet could result in a potential gain, depending on their investment position. Those who own DNB shares may see a boost in stock price as the sale nears completion. However, there is a risk that the price may also experience volatility leading up to the transaction.
Impact on the World
The sale of Dun & Bradstreet to the Permira Funds represents a significant transaction in the business information industry. The company’s comprehensive database and insights will continue to be a valuable resource for businesses and organizations worldwide. The transition to a declassified board with annual elections for Cannae Holdings may also promote greater accountability and transparency for the Company.
Conclusion
Cannae Holdings’ recent announcements, including its support for the sale of Dun & Bradstreet, increased share buyback authorization, and plans to transition to annual board elections, reflect the Company’s commitment to maximizing shareholder value. The sale of Dun & Bradstreet is expected to bring significant benefits to the Company, while the increased share buyback authorization and transition to annual board elections demonstrate Cannae Holdings’ focus on shareholder value and corporate governance.
- Cannae Holdings supports the sale of Dun & Bradstreet to the Permira Funds for $160.00 per share in cash
- Company increases share buyback authorization by approximately 12.5 million shares, bringing the total to approximately 23 million shares
- Cannae Holdings plans to transition to a declassified board with annual elections
- Individual investors may see potential gains from the sale of Dun & Bradstreet
- The sale represents a significant transaction in the business information industry
- Transition to annual board elections promotes greater accountability and transparency for Cannae Holdings
