Communisis agrees to £154m takeover offer from OSG Group

23rd Oct 2018 13:11

(Sharecast News) - Communications and marketing group Communisis has agreed to a £153.8m takeover offer from US-based billing and payment solutions firm OSG Group.Under the terms of the acquisition, Communisis shareholders will receive 71p in cash for each of their shares, which is a premium of around 39.8% to the closing price on Monday.Communisis said its directors consider the terms of the deal to be "fair and reasonable" and as such, plan to unanimously recommend that shareholders vote in its favour. OSG has received irrevocable undertakings or letters of intent in respect of a total 89,982,404 Communisis shares, which represents in aggregate around 42.9% of the issued ordinary share capital.Chairman and chief executive Scott Bernstein said: "This is a significant development for our business and we believe that uniting Communisis and OSG will be an important step in building one of the largest and most competitive outsourced customer communications platforms serving businesses globally."We look forward to working with the management team and employees of Communisis to build upon their leading position in the industry. We are excited by the opportunities to strengthen Communisis' platform with our best-in-class operational and integrated analogue and digital communications systems, to enhance their client service, and to enable their clients to better engage with and retain their customers. We also look forward to expanding Communisis' service offering, and offering some of their services to our clients."OSG is an independent provider of outsourced omnichannel billing, critical communications and payment solutions, offering a full suite of integrated customer communication and engagement solutions and marketing services.It serves around 5,400 clients across a diversified set of industries, including the communications, utility, financial services, healthcare, education, insurance and media and publishing sectors.At 1310 BST, the shares were up 39% to 70.60p.