Magazine article American Banker

InterCept Says It's Juggling Offers

Magazine article American Banker

InterCept Says It's Juggling Offers

Article excerpt

A pornography-related payment service has again tripped up InterCept Inc., but it claims that this time it may have stumbled into a better deal.

Last month the Norcross, Ga., company said it had agreed to sell InterCept Payment Solutions Inc., its merchant processing business, to a group led by the unit's chief executive, John M. Perry, and backed by an unnamed provider of merchant payment services. The deal was to have closed that month. But just before midnight Monday, InterCept Inc. issued a news release revealing complications.

Mr. Perry's group no longer wanted to buy Internet Billing Co. Ltd., known as iBill, the InterCept Payment Solutions unit whose customers run X-rated Web sites, the release said.

But there was good news too. Mr. Perry's group was competing with another "independent bidder" for the non-Internet part of InterCept Payment Solutions, the release said. Furthermore, it said, another outfit was interested in iBill.

InterCept said that it was close to reaching final agreement on deals to sell both parts of its merchant processing business -- and that the two sales would probably fetch more than the $37.4 million that Mr. Perry's group was to have paid in the deal announced last month.

InterCept did not give specific figures this time or name the new potential buyers, nor would it do so when questioned Tuesday.

If these transactions close, intercept will retain its business of processing paper checks and digital check imaging for financial services companies. …

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