The boards of Logica plc (LOG.L) and CGI Group Inc. (GIB,GIB-A.TO) have reached an agreement on the terms of a recommended cash acquisition of Logica by CGI Holdings Europe Limited, a wholly owned unit of CGI, under which CGI Europe would buy the entire issued and to be issued ordinary share capital of Logica. The acquisition would be implemented by way of a scheme of arrangement.
Pursuant to the acquisition, Logica Shareholders would be entitled to receive 105 pence in cash per Logica Share. The purchase price represents a premium of about 59.8 percent to the Closing Price per Logica Share of 65.70 pence on May 30, 2012; 49.6 percent to the average Closing Price of some 70.20 pence per Logica Share for the one month period ending on May 30, 2012; and 32.8 percent to the average Closing Price of nearly 79.05 pence per Logica Share for the six-month period ending on May 30, 2012.
Further, the acquisition implies an enterprise value multiple of some 6.6 times Logica's EBITDA for the year ended 31 December 2011.
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