6th Nov 2015 07:40
LONDON (Alliance News) - Outsourcer Capita PLC on Friday said it has built up a stake just shy of 10% in Xchanging PLC in connection to its recommended takeover offer for the company.
Capita struck a GBP412.0 million takeover deal for Xchanging, the business technology and services provider, in October. Since then, it has acquired 24.7 million shares in Xchanging on the open market for 160.00 pence per share, building up a 9.99% stake.
Capita's agreed offer for Xchanging values the company at 160.00 pence per share.
On Wednesday, Xchanging said investment manager Apollo Global Management LLC has pulled out of talks to make a bid for the company. Apollo had been considering making a higher offer than the one agreed with Capita.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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