The Acxiom board of directors wrote to ValueAct's managing partner Jeffery Ubben on July 20, rejecting his unsolicited $23 per share offer.
On the same day, the company revealed that its diluted earnings per share were down 50% to $0.07 from $0.14 a year ago.
Turnover was up 7% from $289m (£166.1m) to $310.3m hit by international weak international activity. The US operations boosted turnover, while the international operations saw turnover decline 16% year-on-year.
Publicly, the board described ValueAct's proposal to negotiate "wholly opportunistic and an attempt to capitalise on recent revenue shortfalls compared to company expectations".
Charles Morgan, Acxiom company leader and chairman, suggested that Ubben's recent criticism of the management was linked to his failure to secure a board position.
"We are disappointed that Mr Ubben's and ValueAct's positive views of our company and its leadership abruptly changed following the Acxiom nominating committee's decision in late May to deny Mr Ubben's request for a seat on the Acxiom board," Morgan said.
Two weeks ago, Acxiom announced that it had decided to cut 4%, or $16m annually, from its payroll costs because its first-quarter performance was not up to expectations.
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