Business Daily from THE HINDU group of publications
Wednesday, Sep 19, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Sep 19, 2007 ePaper |
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Info-Tech
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Mergers & Acquisitions
Our Bureau Bangalore Sept. 18 Wipro on Tuesday announced the completion of the tender offer by its indirect wholly owned subsidiary, Roxy Acquisition Corp, for all outstanding shares of Infocrossing Inc at $18.70 per share in cash. The company recently signed a definitive agreement to buy out the Nasdaq-listed Infocrossing in an all-cash deal exceeding $600 million (Rs 2,430 crore). The depositary for the tender offer has advised Wipro that as of the expiration of the tender offer, approximately 20,465,514 shares had been validly tendered and not withdrawn in the tender offer. Such tendered shares, together with all shares tendered pursuant to guaranteed delivery procedures, represent 100 per cent of Infocrossing’s issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer, said a Wipro release. Assuming the receipt of a sufficient number of shares tendered pursuant to guaranteed delivery procedures to ensure that Wipro holds at least 90 per cent of Infocrossing’s outstanding shares, Wipro intends to complete the acquisition of Infocrossing through a short-form merger. More Stories on : Mergers & Acquisitions | Wipro Ltd | Software | Overseas Investments
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