Intersections (INTX) Evaluating Proposal to Acquire Pet Health Monitoring Segment

October 28, 2016 4:08 PM EDT

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Intersections Inc. (Nasdaq: INTX) ("Intersections, Inc. or the "Company") announced today that its Board of Directors has received a non-binding proposal from Loeb Holding Corporation ("LHC"), the Company's largest stockholder, to acquire the Company's Pet Health Monitoring Segment. LHC's proposal is set forth in an amendment to its Schedule 13D filed today with the SEC.

The process of evaluating the proposal and negotiation of any transaction will be overseen by a Special Committee of three independent directors: Thomas G. Amato, Steve Bartlett and John H. Lewis. The Special Committee has selected Baker Botts LLP to serve as its independent legal advisor and expects to retain an independent financial advisor to assist the Special Committee in evaluating the proposal.

The Board of Directors cautions the Company's stockholders and others considering trading in its securities that the Board of Directors and the Special Committee have just received the proposal and no decisions have been made by the Board of Directors or the Special Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be completed. The Company does not intend to comment further regarding the evaluation of LHC's proposal, unless and until definitive agreements for a transaction are entered into or the Special Committee determines to conclude the process, or as otherwise required by law.

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