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LITTLE ROCK, Ark. (AP) - Acxiom Corp. said Wednesday that its board has rejected a hedge fund's proposed $2 billion takeover of the data management company.
The company said the board will "not pursue a transaction or enter into negotiations" with ValueAct Capital Partners LP.
"We believe that pursuing this proposal would deprive shareholders of the benefit of the company's recent investments. It is not in our shareholders' best interests for Acxiom to try and sell the company at this time to an opportunistic bidder," Acxiom top executive Charles D. Morgan said.
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