CGI Group takeover of Scisys gets German approval

(Sharecast News) - Bespoke software systems supplier Scisys Group has received regulatory approval from the German Federal Ministry of Economics and Energy (Bundesministerium für Wirtschaft und Energie) for the anticipated acquisition by CGI Group Holdings of Scisys, it announced on Friday.
The AIM-traded firm said all of the general regulatory and competition conditions relating to the scheme had now been satisfied.

"Completion of the acquisition remains subject to the satisfaction or, if capable of waiver, [the] waiver of the remaining conditions, including the sanction of the scheme by the High Court," the board said in its statement.

A court hearing had been scheduled for 30 October, at which it was expected that the date of the court hearing to sanction the scheme would be set.

"Once the court hearing date has been determined, a further announcement will be made setting out the final expected timetable for completion of the acquisition, including for the proposed cancellation of the listings of Scisys ordinary shares."