CSC acquires 24.7M shares at 5p each (10% of shares, raises take to 57.1% in company)
CSC Computer Sciences International Operations Limited ("CSC Bidco"), a wholly owned subsidiary of Computer Sciences Corporation ("CSC"), announces that pursuant to a sale and purchase agreement dated 22 December 2015 (the "Sale and Purchase Agreement") it has acquired 24,760,355 ordinary shares of 5 pence each in Xchanging plc ("Xchanging"), representing 9.99 per cent. of the existing ordinary share capital of Xchanging, from Capita plc at a price of 190 pence per Xchanging Share.
In aggregate, CSC Bidco has received irrevocable undertakings, other commitments and a letter of intent to accept its recommended cash offer for the entire issued and to be issued ordinary share capital of Xchanging (the "Offer") in respect of a total of 116,663,891 Xchanging Shares, representing approximately 47.07 per cent. of the existing ordinary share capital of Xchanging in issue on 22 December 2015 (being the latest practicable date prior to this announcement).
Following the acquisition of the 9.99 per cent. shareholding in Xchanging, CSC Bidco holds shares in, and has irrevocable undertakings, other commitments and a letter of intent to accept the Offer in respect of, a total of 141,424,246 Xchanging Shares, representing approximately 57.06 per cent. of the existing ordinary share capital of Xchanging in issue on 22 December 2015 (being the latest practicable date prior to this announcement).