US-based Computer Sciences Corporation (CSC) revealed today that it is one step closer to purchasing outsourcing company Xchanging, after 87 per cent of Xchanging's shareholders accepted its offer.
This level of acceptance means CSC's offer is now unconditional.
Share price in Xchanging, which started trading late today, rose after the announcement and were trading up 0.5 per cent at 189p shortly before midday.
Last December, CSC made a cash offer worth about £480m to purchase Xchanging for 190p per share, beating an offer by outsourcing firm Capita for 160p per share.
At the time, the offer was agreed by Xchanging's board of directors and the deal was expected to close within six months.
Last week, Xchanging urged its shareholders to accept the takeover offer and warned that, if the offer did not receive at least 75 per cent approval from shareholders by 1pm on Friday and if CSC decided to withdraw its bid rather than extend it, it was not confident it would receive another comparable offer.
When the board accepted the offer in December, Xchanging’s share price jumped 9 per cent to 194.5p, the highest the shares had traded at in the last five years.