Actuate Corp. (ACTU) and Xenos Group Inc. (XNS.TO) announced that as of 5:00 p.m. Eastern Time on February 1, approximately 9.5 million common shares of Xenos had been validly deposited to the offer by Actuate, through its wholly-owned subsidiary Actuate Canada Intl. Corp., to acquire all of the outstanding common shares of Xenos for C$3.50 in cash per share.
Actuate has taken up and accepted for payment all such shares, which represent over 95.2% of the common shares of Xenos and, accordingly, the offer is now concluded. Actuate intends to send a notice of compulsory acquisition to each Xenos shareholder who has not accepted the offer as soon as practicable.
In connection with the offer, Stuart John Butts, Calvin Galatiuk, Chungsen Leung, Edmund Merringer, Kent Petzold, John Peter Williams and Frank Smith have resigned as Directors of Xenos. Xenos announced the appointment of Kenneth Marshall, Arthur Patterson, Steven Whiteman and Jeff Perkins to its Board of Directors.
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