Institutional Shareholder Services, a proxy-voting advisory firm, is for sale. Proxy Monitor, another proxy-voting adviser, "intends to make a bid for it, said Arthur Rosenzweig, Proxy Monitor president. Automatic Data Processing, which has a division that handles proxy-voting tabulation and distribution, could be among the bidders, speculated Bruce Babcock, ISS president and CEO. ADP representatives couldnt be reached for comment.
Thomson Corp.s Thomson Financial division is selling ISS and retained investment banker Berkery, Noyes to assist in the sale. So far, some 25 requests for the sale memorandum have been received. Bids are due May 8, and Thomson hopes to complete the sale by June 30. Thomson and Berkery Noyes representatives couldnt be reached for comment.
Mr. Babcock said there are no plans for an employee buyout. "It looks like its going to get expensive, he said.