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December 21, 2004

PinkRoccade holding talks with Ordina

Dutch IT outsourcer PinkRoccade NV has held talks with local rival Ordina NV over a potential sale, which it said were "useful".

By CBR Staff Writer

In a statement, the Voorburg, Netherlands-based company said: PinkRoccade feels that the consultation was useful. The management board of PinkRoccade will discuss the results with the supervisory board. The consultation of 20 December will be continued sometime this week.

The statement follows PinkRoccade’s decision to reopen merger talks with Ordina, despite having already accepted an offer for the business from Getronics NV. PinkRoccade admitted in November that it had been involved in regular discussions with Ordina over a potential business combination, and on October 29, Ordina offered a higher cash amount for the business than Getronics.

This was rejected however due to what PinkRoccade called the lack of a strategic fit between the companies, and because it had doubts about the financing of the deal. Ordina had offered E350 million ($462 million) in cash for the company, compared to a cash-and-shares deal offered by Getronics, valued at E338 million ($446 million), of which approximately E100 million ($132 million) would be in cash. An agreement in principle was reached with Getronics on November 1.

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