2nd Nov 2020 11:48
(Alliance News) - SDL PLC and RWS Holdings PLC on Monday said all the conditions for their all-share combination, other than those relating to a court hearing, have now been either satisfied or waived.
Back in August, the two unveiled plans for an all-share tie-up with a view of creating "the world's leading language services and technology group". Under the terms of the deal, SDL shareholders will be entitled to receive 1.2246 new RWS shares for each SDL share they own.
RWS and SDL shareholders have already voted in favour of the deal. RWS shareholders will hold just over 70% of the enlarged firm, with SDL shareholders just shy of 30%.
The combination will be implemented through a court-sanctioned scheme of arrangement, with the hearing to take place on Monday.
The effective date of the scheme is expected to be Wednesday this week.
Shares in SDL were down 1.5% at 680.00 pence in London on Monday, giving a market capitalisation of GBP619.5 million. RWS shares were down 0.9% at 554.00p for a GBP1.52 billion value. Together, they will have a GBP2.14 billion market cap.
By Anna Farley; [email protected]
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