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Logica Shareholders Vote Overwhelmingly in Favour of Accepting CGI Offer(July 16, 2012)
LONDON, UK and MONTREAL, CANADA -- (Marketwire) -- 07/16/12 -- CGI Group Inc. (TSX:GIB.A) (NYSE:GIB) is pleased to announce that following Logica's General Meeting held in London today, Logica's shareholders voted 99.54% in favor of CGI's recommended cash offer of 105 pence.
Subject to the sanction of the Court and the satisfaction or waiver of certain other conditions, it is presently expected that the acquisition will be completed on August 20, 2012(i), as previously announced.
"We are very pleased with level of shareholder support shown for our transaction and anticipate a timely closing," commented Michael E. Roach, President and CEO, CGI. "We are excited to welcome our new Logica colleagues and remain committed to bringing the enhanced capabilities of our combined business to clients while creating new career opportunities for our professionals and additional value for our investors."
"The combination of CGI and Logica represents a unique transformational opportunity," added Mr. Roach. "We will immediately start the process of successfully integrating the two businesses to create a global technology services leader with 72,000 professionals worldwide."
(i)This date is indicative but may be extended if any of the conditions takes longer than anticipated to fulfil.
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI provides end-to-end services with approximately 31,000 professionals located in offices and centres of excellence in Canada, the United States, Europe and Asia Pacific. As at March 31, 2012, CGI's annualized revenue was approximately C$4.3 billion and its order backlog was approximately C$13.1 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in both the Dow Jones Sustainability Index and the FTSE4Good Index. Website: www.cgi.com.
Logica is a business and technology service company, employing 41,000 people. It provides business consulting, systems integration and outsourcing services to clients around the world, including many of Europe's largest businesses. Logica creates value for clients by successfully integrating people, business and technology. It is committed to long term collaboration, applying insight to create innovative answers to clients' business needs.
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are "forward-looking information" within the meaning of Canadian securities laws. These statements and this information represent CGI's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. These factors include but are not restricted to: the satisfaction or waiver of the conditions to complete the Logica acquisition, including the approval of the scheme of arrangement by Logica shareholders and the High Court of Justice in England and Wales, and the receipt of applicable regulatory approvals, the expected dates for implementation of the acquisition, as well as assumptions regarding the foregoing. The words "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan," and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.
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