KANSAS CITY, Mo., Aug. 5, 2011 /PRNewswire/ -- The Board of Directors of DST Systems, Inc. (NYSE: DST) is continuing its long-standing practice of engaging in an ongoing review of the Company's business plan, assets and investment portfolio. The Company today announced that BofA Merrill Lynch and Skadden, Arps, Slate, Meagher & Flom LLP have been retained as independent advisors to assist the Board in this ongoing review. Stinson Morrison Hecker LLP is acting as legal advisor to the Company.
In addition, based upon the number of its independent directors, their level of skill, expertise and experience with the Company and other factors, the Board of Directors has determined that it would not be beneficial to change its current composition and has declined Russell Glass' request that he and two additional board members be appointed as directors of the Company.
The Board also noted that it has declined Mr. Glass’ proposal to negotiate the purchase by RDG Capital of the Company’s 10.3 million shares of State Street Corporation. As the review by the Company’s Board and its advisors will include all assets including its investment portfolio, it would not be prudent to consider a sale of the Company’s State Street stock at this time. The Company also believes that the market provides sufficient liquidity to effect an orderly sale should the Company choose to do so.
DST noted that there can be no assurance that the Board will make any determination other than the continuation of the Company's ongoing business plan as a result of the Board's review. DST does not intend to comment on the Board's review unless and until the Board makes a determination when the review process is completed.
About DST Systems, Inc.
DST Systems, Inc. provides sophisticated information processing and computer software services and products that help clients improve productivity, increase efficiency, and provide higher levels of customer service. For more information, please visit the Company's website at www.dstsystems.com.
The information and comments in this press release may include forward-looking statements respecting DST and its businesses. Such information and comments are based on DST's views as of today, and actual actions or results could differ. There could be a number of factors, risks, uncertainties or contingencies that could affect future actions or results, including but not limited to those set forth in DST's periodic reports (Forms 10-K or 10-Q) filed from time to time with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this press release to reflect future events. Brand, service or product names or marks in this press release are trademarks or service marks, registered or otherwise, of DST Systems, Inc., DST subsidiaries or affiliates, or third parties.
SOURCE DST Systems, Inc.