CCC Information Services Inc., of Chicago, and Mitchell International, Inc., of San Diego, announced they will no longer pursue the merger of the two companies.
The decision came after the U.S. Federal District Court in the District of Columbia granted the Federal Trade Commission’s request for a preliminary injunction against the two companies pending resolution of the FTC’s administrative trial set for the end of March.
“In light of the court’s decision, we have jointly decided to terminate the merger,” says Githesh Ramamurthy, chairman and CEO of CCC. “A year ago when we announced the transaction, our stated objective was to deliver greater innovation to our customers and partners. This theme has remained a constant and will continue to be at the forefront of our efforts. Serving our customers has always been our primary focus.”
“We have reached the point in the regulatory process in which our customers, employees and shareholders are best served by continuing as independent companies,” says Alex Sun, president and CEO of Mitchell.