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Sunday, February 10, 2008 12:17:27 AM
Alliance Data, which provides credit card and other services for retailers, filed suit to force Blackstone to carry out terms of a May 2007 proposal to buy Alliance for $81.75 per share, or $6.4 billion.
Blackstone (BX) had balked at closing the deal, saying regulators had insisted on "operational and financial burdens...that cannot be reasonably assumed."
The announcement came at a time when funding for private equity became more expensive amid the turmoil on the world's debt markets.
Alliance said subsequent communication has revealed Blackstone appears willing to work to allay regulator concerns.
"Blackstone has in its court filings, correspondence with federal regulators and public statements said that it is committed to working toward the closing of its acquisition of the company, including working with Alliance Data on proposals directed to resolving regulatory issues," Alliance said in a statement.
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