SciSys Shares Jump After CGI Makes Recommended $100 Million All-Cash Offer
June 14 2019 - 3:45AM
Dow Jones News
By Carlo Martuscelli
SciSys Group PLC (SSY.LN) opened higher Friday morning after it
received a recommended a all-cash offer by Canada's CGI Inc.
(GIB.A.T) that values the company at 78.9 million pounds ($100.1
million).
The U.K.-listed computer-software company said that CGI is
proposing to buy its entire issued share capital at a price of
254.15 pence a share--a 25% premium to its June 13 closing
price.
SciSys Chairman Mike Love said that the board is recommending
the offer as it sees it as an endorsement of the success achieved
to date.
"We believe SciSys and CGI are highly complementary businesses
sharing similar values and are confident that the combination will
enable SciSys to benefit from CGI's size, strength and global
reach," he said.
CGI, an information-technology consulting and outsourcing
company said that it believes the acquisition will allow it to
increase its presence in the U.K. and German markets in the fields
of space, defense, government and media.
Shares of SciSys at 0704 GMT were up 41 pence, or 20%, to 245
pence.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
June 14, 2019 03:30 ET (07:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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