LONDON (Alliance News) - Xchanging PLC on Wednesday said Computer Sciences Corp has acquired Xchanging shares from previous bid rival Capita PLC, bringing its takeover of the business processing, procurement and technology services provider closer.
CSC agreed a 190.00 pence per share takeover offer for Xchanging which valued the company at GBP488.0 million, earlier this month. Capita, the FTSE 100-listed outsourcer, had made a lower-value bid for Xchanging which was trumped by CSC and subsequently said it did not intend to raise its offer.
CSC has acquired 9.99% of Xchanging's issued share capital from Capita for 190.00 pence per share. CSC now owns or has irrevocable undertakings secured in respect of 57.1% of Xchanging's total share capital.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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