Contact Information: Media Contacts: CCC Information Services Inc. John Harris Corporate Communications 312-229-2693 Mitchell International Jennifer Forman Sr. Director of Marketing 858-368-7794
US District Court Grants Request for Preliminary Injunction in the CCC-Mitchell Merger
| Source: Mitchell International
CHICAGO, IL and SAN DIEGO, CA--(Marketwire - March 9, 2009) - Today the U.S. Federal
District Court in the District of Columbia granted the Federal Trade
Commission's (FTC) request for a preliminary injunction, enjoining CCC
Information Services Inc. and Mitchell International, Inc. from closing
their previously announced merger, pending resolution of the FTC's
administrative trial currently set to commence March 31, 2009.
"We are disappointed with the Court's decision to grant the preliminary
injunction. Both CCC and Mitchell maintain our belief that the merger will
deliver significant benefits to customers while maintaining an already
competitive automotive claims marketplace. As agreed to with Mitchell, both
companies intend to review the Court's decision in depth and together
assess the appropriate next steps," stated Githesh Ramamurthy, Chairman and
CEO of CCC Information Services Inc.
Alex Sun, President and CEO of Mitchell International, Inc., added: "There
are a number of factors that both companies need to consider, including the
interests of our customers, as we contemplate next steps. These
deliberations are an obvious high priority for both organizations. We
appreciate the patience and support of our many valued customers and
employees and will be communicating our intentions as quickly as possible."
About CCC Information Services Inc.
CCC, founded in 1980, is a leading provider of advanced software,
communications systems, and Internet and wireless enabled technology to the
automotive claims and collision repair industries. Its client base includes
more than 350 insurance companies and thousands of repair facilities. In
addition to its products, CCC delivers extensive industry insight to its
clients by leveraging the industry's most comprehensive auto claims data
warehouse comprising data captured from the millions of transactions
processed through its network, complemented by information from more than
30 other data providers. You can find out more about CCC Information
Services Inc. by visiting the company's web site at www.cccis.com.
About Mitchell International, Inc.
Mitchell is a leading provider of information, workflow, and performance
management solutions to the insurance claims and automotive repair
industries. Founded in 1946, Mitchell has developed a rich legacy as the
only provider of solutions that address both physical damage and casualty
claims needs. In addition, Mitchell is a leading provider of solutions
designed to improve the performance of collision repairers through its
business systems and customer satisfaction indexing offerings. Mitchell
facilitates millions of electronic transactions between thousands of
business partners each month to enhance their productivity, profitability,
and customer satisfaction levels. You can find out more about Mitchell
International by visiting the company's web site at www.mitchell.com.