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Scisys Takeover By CGI Group Cleared By UK Competitions Regulator

Wed, 02nd Oct 2019 11:09

(Alliance News) - The UK Competition & Markets Authority on Wednesday cleared the GBP78.9 million acquisition of London-listed Scisys Group PLC by IT firm CGI Group Holdings Europe Ltd.

The regulator launched a probe into the acquisition in August, shortly after the shareholders of software firm Scisys approved of the CGI approach.

In June, Scisys said it accepted a GBP78.9 million cash takeover, valuing each share at 254.15 pence, a 25% premium to its closing price of 204.00p the day before the deal was announced.

Shares in Scisys were untraded in London on Wednesday afternoon, last quoted at 250.00 pence each.

By Eric Cunha; ericcunha@alliancenews.com

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