SciSys Shares Jump After CGI Makes Recommended $100 Million All-Cash Offer

Date : 06/14/2019 @ 3:45PM
Source : Dow Jones News
Stock : Scisys Group Plc (SSY)
Quote : 255.0  0.0 (0.00%) @ 3:00PM
Scisys share price Chart

SciSys Shares Jump After CGI Makes Recommended $100 Million All-Cash Offer

Scisys (LSE:SSY)
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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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