TransUnion has offered $90 million in cash and $15 million in stock to buy bankrupt data firm TLO, a Boca Raton-based company.
The offer is intended as an opening bid in an auction set for Nov. 20. TLO reports it has received 11 bids, according to a story in the Palm Beach Post.
The TransUnion offer sets the minimum acceptable bid for the auction. Any competing bids must top that offer by at least $3 million, and must include at least $93 million in cash, TLO reported in a bankruptcy filing. The final offer must be approved by U.S. Bankruptcy Judge Paul G. Hyman.
TransUnions offer calls for TLO to keep its rights to a $40 million life insurance policy on Hank Asher, the company founder who died this year.