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Logica suspended as CGI takeover nears completion

Mon, 20th Aug 2012 07:40

Shares in business and technology service company Logica were suspended from trade on Monday as the firm embarks on the final steps of its takeover by Canadian group CGI.It was announced on July 16th that Logica's shareholders had voted 99.54% in favour of the sale, valued at £1.7bn, first announced in May.Completion of the scheme of arrangement now remains subject to the satisfaction or waiver of the remaining conditions set out in part three of the Scheme Document, including the confirmation of the capital reduction by the court."The Court hearing to confirm the Capital Reduction is scheduled to take place today and it is expected that the Scheme will become effective thereafter," Logica said. "The delisting of Logica Shares and the cancellation of admission to trading of Logica Shares on the London Stock Exchange and Euronext Amsterdam is expected to take place at 8:00 a.m. (UK time) on 24 August 2012."