CGI nears completion of Stanley purchase
Deadline extended again amid signs of closing
- By David Hubler
- Aug 03, 2010
CGI Fairfax Corp., a wholly owned subsidiary of CGI Group Inc. of Montreal, is nearing completion of its planned purchase of Stanley Inc. and has once again extended its cash tender offer to purchase all outstanding shares of common stock of Stanley for $37.50 per share.
The offer, which has been extended before, was most recently scheduled to expire at 12 midnight, New York City time, on Monday, Aug. 2, 2010.
It has now been extended to 12:00 midnight, New York City time, on Monday, Aug. 16, 2010, “unless the offer is further extended or earlier terminated,” CGI said in a statement today.
CGI said it has been advised by Computershare Investor Services Inc., the depositary for the offer, that as of close of business Monday, Stanley stockholders had tendered approximately 79 percent of the outstanding shares.
The company statement said CGI now expects to proceed expeditiously to close the transaction and, among other things, has agreed with Stanley to settle the previously disclosed purported class action lawsuit related to the proposed transaction and make certain additional information available to Stanley stockholders.
CGI said it expects the transaction to close in mid-August.
In a separate statement released today, CGI said the Committee on Foreign Investment in the United States (CFIUS) has determined that there are no unresolved national security concerns with the proposed acquisition.
Additionally, the Defense Department's Defense Security Service has approved a foreign ownership, control or influence mitigation plan for Stanley's business, the company added.
CGI Group Inc., of Montreal, Que., ranks No. 82 on Washington Technology’s 2010 Top 100 list of the largest federal contractors. Stanley, of Arlington, Va., ranks No. 44 on the 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.