Xchanging calls on shareholders to back CSC offer

11th Jan 2016 09:00

(ShareCast News) - Xchanging called on its shareholders to accept an offer from Computer Sciences Corporation, as it pointed out that a superior offer from Ebix Inc was unlikely to materialise.Xchanging announced back in November that it had received an offer of 175p per share in cash from Ebix, but in December it announced its intention to unanimously recommend a cash offer of 190p per share from CSC and it still remains unclear whether Ebix will be able to beat this.The outsourcer noted that despite the significant amount of time available to it, Ebix has not confirmed that it will be able to make a superior offer or provided evidence that it could finance one."Given the very limited engagement that Ebix or its advisers have had with Xchanging to date, there remains no certainty that Ebix will announce a firm intention to make an offer," it said.It added that its shareholders should be aware that if CSC does not receive at least 75% of acceptances by 1300 GMT on Friday, they may lose out on the chance to sell off their holdings.At 0918 GMT, Xchanging shares were down 0.4% to 191p.