CGI again extends tender offer to buy Stanley
Second extension needed to secure U.S. approvals
- By David Hubler
- Jul 14, 2010
CGI Fairfax Corp. has again extended its cash tender offer to purchase all outstanding shares of common stock of Stanley Inc. for $37.50 per share in cash.
The purchase price is expected to be approximately $1 billion.
The original tender offer expired June 17 but was extended to July 9 at midnight Eastern.
The latest tender offer has been extended to Aug. 2 at midnight Eastern unless further extended or earlier terminated, according to a CGI announcement dated July 13.
CGI Fairfax said it is extending the offer because certain conditions were not yet satisfied.
Those conditions included a review and approval by the Committee on Foreign Investment in the United States and approval by the U. S. Defense Department’s Defense Security Service of a plan to operate Stanley’s business pursuant to a foreign ownership, control or influence mitigation agreement.
The offer to purchase was announced May 20, after an agreement and plan of merger was worked out among Stanley, CGI, CGI-US and CGI-Fairfax.
Except for this extension, the terms and conditions of the offer remain in effect and unmodified.
CGI Fairfax is a wholly owned subsidiary of CGI Federal Inc. and an indirect wholly owned subsidiary of CGI Group, of Montreal.
CGI Group ranks No. 82 on Washington Technology’s 2010 Top 100 list of the largest federal government prime contractors. Stanley, of Arlington, Va., 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.