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July 18, 1990

CAP GEMINI’S UKP199M OFFER LANDS CONTROL OF HOSKYNS

By CBR Staff Writer

Cap Gemini Sogeti SA, just about the first name that sprang to mind when GEC Siemens Plc announced that it would be selling its 69.5% of Hoskyns Group Plc (CI No 1,347), duly walked off with the prize yesterday, agreeing to pay 330 pence a share, about UKP199m, in a deal that values Hoskyns at UKP286m. The news supercharged the Hoskyns share price, which leaped 63 pence to 358 pence, making it highly unlikely that there will be many acceptances for the 330 pence on offer to all the outside shareholders. Cap Gemini intends to acquire the company outright in 1993, paying a minimum of 469 pence a share and a maximum of 660 pence. In the meantime, the listing will be maintained, Hoskyns management will remain in place but three Cap Gemini nominees will join the board. Two key attractions for the French computer services giant are that the acquisition takes it into facilities management with skills that can be extended geographically, and brings it into the UK in a major way for the first time.Details and background – page five

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