The Hindu Business Line : Megasoft extends cash tender offer for Boston

Hyderabad, Aug. 28 IT services provider Megasoft Ltd has announced that its wholly owned subsidiary, Tea Party Acquisition Corp, has extended its previously announced tender offer for all outstanding shares of Boston Communications Group Inc at a price of $3.60 per share.

With the company acquiring close to 88 per cent shares, including those tendered, it is set to complete the buy out later this week, according to Mr. V. Balasubramanian, Chief Financial Officer of Megasoft.

Unless the tender offer is further extended, the offer was set to expire at 12:00 midnight, New York City time, on August 24.

The depositary for the tender offer has advised Megasoft that approximately 13,960,647 shares had been validly tendered and not withdrawn in the tender offer as of August 24, representing approximately 78 per cent of Boston Communications Group Inc’s outstanding shares.

The depositary also received notices of guaranteed delivery with respect to an additional 1,904,432 shares, representing (if such shares are delivered pursuant to the guaranteed delivery procedures set forth in the Offer to Purchase), approximately 88 per cent of Boston Communications Group Inc’s outstanding shares.

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