Technology

Cognicase accepts CGI buyout offer

Canadian IT services provider Cognicase said yesterday it has decided to recommend an improved buyout offer from larger rival CGI Group, after CGI boosted the amount of cash and shares it is offering in its unsolicited takeover bid.

Staff Writer January 2, 2003

Cognicase said CGI is now offering C$4.50 cash and 0.6311 CGI shares per Cognicase share, up from C$4.25 and 0.5484 shares per share, the offer that was rejected in late December as insufficient. The increase brings the total purchase price to about C$328.9m ($208.6m) in cash, stock and assumed debt.

CGI’s revised offer represents 48% and 59% premiums over the 20-day and 90-day weighted average closing price of Cognicase shares on the Toronto Stock Exchange, the firm said. The company reversed its December decision to exercise its shareholder rights plan in light of the increased offer.

Source: Computerwire

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