SunGard yesterday responded to the bid by Reuters Group Plc. to buy certain assets of Bridge Information Systems, Inc., the financial data and news company currently embroiled in Chapter 11 bankruptcy proceedings.
The auction for the competing bids is scheduled to begin on April 19 at Bridge's law firm in New York City.
Robert Greifeld, SunGard's senior vice president, comments: "SunGard took the initiative, and we are pleased that Bridge accepted our terms and conditions as the lead bid...We firmly believe that our bid carries more speed and certainty, since SunGard should not encounter the significant contingencies facing a Reuters bid, including challenges related to antitrust and employee retention."