Goldman Sachs made
its $820 million offer to take Ebix Inc. private as U.S. regulators intensify their
probes of the insurance software maker, people familiar with the matter told Bloomberg.
The all-cash deal amounts to about $20 a share, Atlanta- based Ebix said
yesterday. Its shares jumped 11 percent on the news to $20.60 in Nasdaq
trading, the biggest one-day gain since October 2011. The shares dropped 21
cents to $20.39 at 10:32 a.m. today in New
York . A “go-shop” provision allows Ebix to solicit
competing bids in the next 45 days.
Should no better offer emerge Goldman will become the owner
of a company whose accounting practices were already under scrutiny by the U.S.
Securities and Exchange Commission in November, according to four people with
direct knowledge of the matter.
Ebix is also the subject of an Internal Revenue Service
investigation, according to this person…
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