CGI nears completion of Stanley purchase

Deadline extended again amid signs of closing

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.

About the Author

David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.

Reader Comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

What is your e-mail address?

My e-mail address is:

Do you have a password?

Forgot your password? Click here


  • Dive into our Contract Award database

    In an exclusive for WT Insider members, we are collecting all of the contract awards we cover into a database that you can sort by contractor, agency, value and other parameters. You can also download it into a spreadsheet. Our databases track awards back to 2013. Read More

  • Navigating the trends and issues of 2016 Nick Wakeman

    In our latest WT Insider Report, we pull together our best advice, insights and reporting on the trends and issues that will shape the market in 2016 and beyond. Read More

contracts DB

Washington Technology Daily

Sign up for our newsletter.

Terms and Privacy Policy consent

I agree to this site's Privacy Policy.