Clayton Okays Merger Pact

Clayton Holdings Inc., a due diligence and surveillance provider based in Shelton, Conn., has announced its entry into a merger agreement with an affiliate of a fund managed by Greenfield Partners LLC, a private equity firm. Under the agreement, the affiliate will acquire all outstanding common shares of Clayton for $6 per share (approximately $134 million) plus the repayment of $23.8 million of debt, the company said. The purchase price represents a premium of approximately 24% over Clayton's closing price on April 11. Investment funds affiliated with TA Associates, which own approximately 37% of Clayton's outstanding common stock, have agreed to vote in favor of the transaction, Clayton said. "For our clients and employees, the transaction will strengthen our balance sheet and allow us to continue to invest in European operations and in the development of products and services that will deliver the greater transparency and predictive solutions that the market will require," said Frank Filipps, chairman and chief executive officer of Clayton Holdings. Clayton can be found on the Web at http://www.clayton.com.