Institutional Shareholder Services (ISS) has been acquired by a group of investors that includes ISS' main rival, The Proxy Monitor (TPM).
The consortium, comprised of TPM and the venture capital divisions of Hermes Investment Management and Warburg Pincus, bought ISS from Thomson Financial for an undisclosed amount.
According to Thomson, ISS and TPM will be merged over the next six months, with the majority of operations being consolidated in the Washington DC area. Thomson added that despite the takeover, ISS would survive as a separate entity.
The acquisition of ISS will leave clients with just the one advisory firm to deal with regarding shareholder issues. Both firms are paid by pension funds and large institutional investors to analyse and issue recommendations on corporate board battles and hostile takeovers.
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