$428m takeover offer for UXC

06/10/2015 - 14:25

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IT services provider UXC has received a $428.5 million takeover offer from New York-based tech giant CSC.

$428m takeover offer for UXC

IT services provider UXC has received a $428.5 million takeover offer from New York-based tech giant CSC.

CSC has offered a cash payment of $1.26 for every share in UXC plus a franked dividend of 2 cents per share for the half year to December 31, to wholly acquire the business.

The offer is a 33.3 per cent premium to UXC’s 120 day volume-weighted average price on the ASX.

CSC Australia (CSC’s Australian arm of the global business) is ranked #2 on the BNiQ list of IT & Communications companies, ranked by number of IT and technical professional staff in WA.

Sydney-based UXC operates in WA through four subsidiaries which collectively employ 87 personnel in the state, according to BNiQ data.

"The board of UXC has determined that it is in the interests of its shareholders to engage further with CSC with a view to finalising an implementation agreement to implement the proposed transaction," UXC said in a statement.

“The directors are not restricted from considering superior offers.

“In the event of a superior proposal, CSC will be given the opportunity to match such a proposal.”

The company said there was no certainty that the indicative proposal would lead to a formal offer, and shareholders did not need to take any action in response to the proposal.

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