17 November 2015 Insurance

Some 24% Xchanging shareholders back Capita bid – so far

Capita has announced that it has received a number of acceptances in relation to its acquisition offer of process management firm Xchanging.

Capita has received acceptances in respect of 34,570,082 Xchanging shares, representing approximately 13.94 percent of the existing issued share capital of Xchanging.

In addition, as announced on 6 November 2015, Capita has acquired 24,760,355 Xchanging shares, representing approximately 9.99 percent of the existing issued share capital of Xchanging, which Capita may also count towards the acceptance condition of the offer.

Accordingly, as at the first closing date of the offer, Capita owned or had received valid acceptances of the offer in respect of 59,330,437 Xchanging shares, representing approximately 23.93 percent of the existing issued share capital of Xchanging, which Capita may count towards the satisfaction of the acceptance condition of the offer.

The percentages of Xchanging shares referred to in this announcement are based upon a figure of 247,851,399 Xchanging shares in issue.

The offer has been extended and will remain open for acceptances until 1pm. (London time) on 30 November 2015.

Capita says Xchanging shareholders who have not yet accepted the offer are urged to do so as soon as possible.

Xchanging announced on 14 October, 2015 that it recommended Capita’s 160p-per-share acquisition offer to its shareholders.

Ebix, an international supplier of on-demand software and e-commerce services to the insurance, financial and healthcare industries, launched a rival bid for Xchanging yesterday (16 November) however.

The firm sent a letter to Xchanging board outlining its interest in making an offer to acquire the entire issued and to be issued share capital of Xchanging by way of an all cash offer of 175 pence per share.

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