Digital Insight Recovers Escrowed Shares After Arbitration
CALABASAS, Calif. -- Digital Insight announced Monday it has settled legal proceedings and arbitration claims related to its 2003 acquisition of Magnet Communications, allowing it to recover 120,000 shares valued at $3.8 million. Under the terms of the settlement, Digital Insight received 119,834 of its common shares that had been held in escrow since the Magnet deal closed in November 2003. The balance of the escrow will be distributed to the former Magnet shareholders. The settlement will reduce the company's legal expenses and the company's shares outstanding. Digital Insight acquired Magnet, a privately held Atlanta provider of online cash management systems, for $28 million in stock and $33.5 million in cash.