SCISYS To Ask Court To Delay Takeover Sanction To After UK Election

(Alliance News) - Software firm SCISYS has agreed with CGI Group Holdings Europe Ltd to request that the High Court postpone its decision of the GBP78.9 million takeover by the latter until after the UK general election on December 12.

The reason given for this was because the election would be a key event for the news programming of SCISYS's UK media and broadcasting customers, and delaying the completion of the takeover would allow SCISYS's operations to give its full attention to the event.

As a result, SCISYS is no longer expected to cease trading on Monday next week.

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 closed up 0.9% at 258.32 pence on Thursday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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