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365.00 -8.00 (-2.14%)

Bid:

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Xchanging Gets Capita-Trumping Approach From Computer Sciences

Thu, 12th Nov 2015 16:03

LONDON (Alliance News) - Business technology and services provider Xchanging PLC on Thursday said it has received an approach from Computer Sciences Corp with an indicative proposal for the company which trumps a previous offer from London-listed outsourcer Capita PLC.

Computer Sciences is an Virginia head-quartered IT and professional services company.

Xchanging said the indicative proposal from Computer Sciences is to acquire Xchanging for 170 pence per share in cash. This is above the 160 pence per share, or GBP412.0 million takeover it agreed with Capital PLC in October.

Shares in Xchanging were up 7.5% at 171.25 pence Thursday afternoon.

Last Wednesday, the company said that Apollo Global Management LLC had pulled out of talks to make a bid for the company. It had been in talks with Apollo about a possible offer of around 170.00 pence per share.

Under the UK takeover code, Computer Sciences has until December 9 to either make a firm offer fort the company or walk away.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews