NEW YORK ( TheStreet) -- DST Systems (DST), a provider of information processing and software services, has received several buyout overtures from private-equity firms in recent months, Reuters reported, citing people with knowledge of the situation.
One offer was led by activist investor Russell Glass, who told Reuters he had teamed up with a private-equity firm and approached DST within the last 30 days to talk about a buyout in the mid-$60s per share range.
DST also held discussions in March and April with another private-equity firm that was also willing to make a bid in the mid-$60s price range, a source close to the situation told Reuters.
Shares of DST closed Tuesday at $48.31, up 88 cents, or $1.9%.Glass, who has taken a minority position in DST within the past two years, told Reuters he was rebuffed by DST's management because the company didn't want to sell while it is grossly undervalued. A bid of $65 a share would value DST at about $3 billion, or a 35% premium to its closing price on Tuesday, according to Reuters. In 2007, DST shares traded around $83 a share. -- Written by Joseph Woelfel
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