March 11, 2019 / 8:10 AM / 4 months ago

CGI makes recommended $459 million cash offer for Sweden's Acando

STOCKHOLM (Reuters) - Canadian IT consultancy CGI Inc. said on Monday it had made a 4.32 billion Swedish crown ($459 million) cash offer for Swedish peer Acando.

CGI said Acando’s board unanimously recommended the 41.45 crown per share offer, which represented a 44.2 percent premium on the closing price for Acando shares on Friday.

“CGI believes that the offer represents an attractive opportunity to execute on its growth strategy and strengthen its capabilities in Northern Europe and Germany,” it said in a statement.

The deal requires regulatory approval. Assuming the offer was declared unconditional no later than around April 18, the settlement was expected to begin around April 25, CGI said.

Acando said in a separate statement that owners holding shares equal to 30 percent of votes in the company had agreed to the offer.

Reporting by Anna Ringstrom; editing by Niklas Pollard

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