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June 2, 1988

RADIUS DIVERSIFIES AGAIN, THIS TIME WITH AGREED UKP6m BID FOR ICL SYSTEMS HOUSE

By CBR Staff Writer

In a move to widen its scope and supply companies with across the board computer systems, the Hull-based computer systems and services group, Radius Plc has launched a takeover bid for ICL systems house MGB Computer Systems Plc. Under the terms of the offer, which has been formally and irrevocably accepted with respect of 95.2% of MGB’s total shares outstanding, Radius will pay an initial consideration of UKP4.33m, to be paid in Radius shares or cash, with an additional profit-related payment for the 12 months to December 31 1988, of up to UKP1.3m more in Radius shares. The present MGB chairman, Michael Burge, and managing director Keith Bennett will be invited to join the Radius board. In the year to December 31 1987, Hemel Hempstead-based MGB recorded pre-tax profits of UKP632,000 on a turnover of UKP8.8m, with net assets valued in excess of UKP1.1m: its current customer base numbers over 250 clients. The combined companies will employ over 460 staff, and will operate from 16 locations across the UK. Radius has been rapacious in its acquisitions since it went public a couple of years ago, and from a small specialist in proprietary Texas Instruments hardware, has with the help of acquisitions blossomed out into a broad-based systems house with significant interests in the Unix and Data General markets.

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