Scisys flies higher on GBP78.9mln offer from Canada’s CGI


IT services provider Scisys Group PLC (LON:SSY) has recommended a GBP78.9mln takeover offer from Canadian colossus CGI Inc (TSE:GIB.A).

CGI, best known in the UK for buying tech giant Logica for GBP1.7bn in 2012, has offered 254.15p in cash for each Scisys share, which is a 25% premium to their closing price from a day earlier and a 47% premium to the average over the past 12 months.

READ: SCISYS wins EUR5mln space contract

Scisys shareholders will also still be entitled to receive the 2018 final dividend of 1.73p per share, which will be paid on 26 July.

Quebec-based CGI plans to complete the deal by means of a scheme of arrangement, which will be conditional on shareholder approval.

The Scisys board unanimously recommended the deal to shareholders and have irrevocably pledged to put their combined 25% stake behind the vote.

Chairman Mike Love said the board viewed the deal “as a wholesale endorsement of the success Scisys has achieved to date”.

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