Exhibit 99.1
The Thomson Corporation
Toronto Dominion Bank Tower, Suite 2706
PO Box 24, Toronto-Dominion Centre [LOGO OMITTED]
Toronto, Ontario M5K 1A1
Tel (416) 360-8700 Fax (416) 360-8812
www.thomson.com
News Release
FOR THOMSON: FOR PRIMARK:
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Investor Contact:
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John Kechejian Vicki Van Mater
Vice President, Investor Relations Director of Corporate Communications
(203) 969-8700 (703) 790-7613
[email protected] [email protected]
Media Contact:
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Janey Loyd
Vice President, Corporate Communications
(203) 969-8700
[email protected]
For Immediate Release
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THE THOMSON CORPORATION TO ACQUIRE PRIMARK
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TORONTO, ONTARIO and WALTHAM, MA, June 5, 2000 - The Thomson
Corporation (TSE: TOC) and Primark Corporation (NYSE/PCX: PMK), today jointly
announced a merger agreement under which Thomson will acquire Primark.
Under terms of the agreement, unanimously approved by the Boards of
Directors of both companies, Thomson will make a cash tender offer for all
shares of Primark stock at US$38.00 per share, or approximately US$842 million.
Thomson will also assume approximately US$235 million in Primark debt.
"With the acquisition of Primark, Thomson is taking another significant
step to strengthen its global information offerings, in particular, the content
and software applications we provide to the financial services market,"
commented Richard J. Harrington, President and Chief Executive Officer of The
Thomson Corporation. "Primark's extensive data, analytical tools and workflow
solutions are extremely complementary to our existing products and will provide
significant added value to Thomson's current customers. In addition, Primark's
strong European and international operations will greatly expand Thomson
Financial's global presence and capabilities - a key requirement to service
these high-growth market opportunities."
Primark (www.primark.com), with 1999 revenues of US$495 million, is a
leading provider of financial and economic information products and solutions to
a broad spectrum of customers worldwide. Primark provides a blend of content,
analytics and decision support tools. Primark's key brands include A-T Financial
Information, Baseline, Disclosure, Datastream, Global Access,
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GlobalTOPIC, I/B/E/S, MarketEye, PIMS, WEFA, Worldscope and Vestek. Primark
serves financial, corporate and government decision-makers in 61 countries
through 86 offices in 24 countries.
"We are extremely excited to be adding a company of Primark's caliber
to the Thomson Financial family," said Patrick J. Tierney, President and Chief
Executive Officer of Thomson Financial. "Primark's highly regarded analytical
product range and innovative desktop applications will enhance our offerings to
the fund management, investment banking and brokerage communities, and provide
new and far-reaching channels for distributing our broad content offerings. We
look forward to working with the Primark team to provide our customers with an
expanded portfolio of products and services."
Joseph E. Kasputys, Primark's Chairman and Chief Executive Officer,
will become Chairman of Thomson Financial. "This acquisition by Thomson is
consistent with Primark's three primary objectives: serving the best interests
of our customers, providing career opportunities for our talented employees, and
enhancing shareholder value. We strongly believe that Thomson Financial, with
its industry expertise, world-class content and significant resources, is the
ideal partner for Primark. Shareholders, customers and employees of both
organizations will realize exceptional benefits from this combination," stated
Kasputys.
The transaction, which is expected to be completed during the second
half of the year, is conditioned upon the tender of 51% of the eligible shares,
the expiration or termination of customary regulatory approvals, and other
customary closing conditions. It is expected to be dilutive to Thomson's
earnings per share in calendar year 2000 and 2001.
Security holders of Primark Corporation should read the Tender Offer
Statement on Schedule TO filed by Marquee Acquisition Corporation and The
Thomson Corporation when it becomes available as it will contain important
information about the tender offer. Investors can obtain such Tender Offer
Statement on Schedule TO and other filed documents for free at the SEC's website
www.sec.gov.
Thomson Financial (www.thomsonfinancial.com), part of The Thomson
Corporation, is a US$1.44 billion provider of e-information services and
integrated work solutions to the worldwide financial community. Through the
widest range of products and services in the industry, Thomson Financial helps
clients in more than 70 countries make better decisions, be more productive and
achieve superior results.
The Thomson Corporation (www.thomson.com), with 1999 revenues of US$5.8
billion, is a leading, global e-information and solutions company in the
business and professional marketplace. The Corporation's common shares are
listed on the Toronto and London Stock Exchanges.
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This news release includes forward-looking statements, which are based on the
Corporation's current expectations and assumptions, and are subject to a number
of risks and uncertainties that could cause actual results to materially differ
from those anticipated. Such risks and uncertainties include, among others,
general business and economic conditions and competitive actions.
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