LONDON (Alliance News) - Computer Sciences Corp, the company currently in the process of acquiring Xchanging PLC, Monday said its offer for the company has become unconditional and urged any Xchanging shareholders who have not accepted the offer to do so.
Computer Sciences Corp said as of last Friday, it had received acceptances for the offer from Xchanging shareholders who collectively hold an 87.05% stake in the company, making the offer unconditional.
The offer remains open for acceptances, and Computer Sciences said Xchanging shareholders who have not yet accepted the offer are "urged to do so as soon as possible".
Xchanging did not release a statement on Monday morning, but also advised shareholders to accept the offer last week, warning shareholders could face the prospect of losing the chance to sell their shareholdings if they failed to do so.
Computer Sciences have tabled an offer of 190.0 pence per share, but the deal took a twist when insurance software outsourcing company Ebix Inc approached Xchanging about a takeover in November, tabling a 170.0p offer.
Computer Sciences' offer values Xchanging at around GBP488.0 million.
Xchanging shares were untraded on Monday morning, last trading at 188.0p.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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