03/11/2019 | Press release | Distributed by Public on 03/11/2019 03:13
Charles Gross 3/11/2019 3:28:24 AM
CGI (NYSE: GIB) today announced an all-cash tender offer of SEK 41.45 per share to acquire through its wholly owned subsidiary CGI Nordic Holdings Limited, all outstanding shares of Acando (the 'Offer'). Acando's consultants combine deep technical expertise with human behavioral insights to help clients maximize the power of technology to achieve their business goals. The Offer represents a 44.2% premium to Acando's closing price on March 8, 2019.
Acando's Board of Directors is unanimously recommending that its shareholders accept CGI's Offer, which represents a total price of SEK 4,320 million for all outstanding shares in Acando, including the assumption of SEK 93 million in net debt corresponding to approximately C$ 614.7 million. The company currently trades under the symbol ACAN B on the Nasdaq Stockholm exchange. The tender offer is subject to a number of conditions, including approval by the relevant regulatory authorities, such as competition authorities and CGI gaining control of more than 90% of the outstanding shares of Acando. CGI Nordic has immediately prior to the announcement of the Offer entered into share purchase agreements with Svedulf Fastighets AB, Bjursund Invest AB and Svolder AB, to acquire in total 23,580,490 shares in Acando at a price of SEK 41.45 per share. The acquisition of 10,421,558 of the above-mentioned shares (class B shares) is being completed immediately. The acquisition of the remaining 13,158,932 of the above-mentioned shares (3,639,990class A shares and 9,518,942class B shares) will be completed upon approval by German competition law authorities, which is expected to be obtained no later than around one month after the date of announcement of the Offer.
The transaction is expected to close in Q3 F2019.