CGI extends Stanley tender offer deadline
Company says several requirements still must be met
- By David Hubler
- Jun 18, 2010
CGI Group has extended its cash tender offer to purchase all outstanding shares of common stock in Stanley Inc.
Working through CGI Fairfax Corp., a subsidiary of CGI Federal Inc., the company is offering $37.50 per share and has extended the offer to midnight EST July 9, unless it is further extended or terminated earlier, a CGI statement said today.
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The tender offer was scheduled to expire June 17 at midnight but is being extended because certain conditions were not yet satisfied. The conditions include review and approval by the Committee on Foreign Investment in the United States; approval by the Defense Security Service of a plan to operate Stanley’s business pursuant to a foreign ownership, control or influence mitigation agreement; and 60 days having elapsed following notice under the International Traffic in Arms Regulations.
CGI made its offer to buy Stanley in May for $1 billion in cash. Except for this extension, the terms and conditions of the offer remain in effect and unmodified, CGI said.
CGI Federal is a subsidiary of CGI, of Montreal.
CGI ranks No. 82
on Washington Technology’s 2010 Top 100
list of the largest federal government prime contractors. Stanley
ranks No. 44
on the same list.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.