Currently it is in the middle of turbulence. Should wait till the transaction is closed.
22/07/2008
Dimension Data to acquire remaining shares in Datacraft Asia for USD 276m
Story Dimension Data, the London-listed, South Africa-based IT-services company, will acquire the remaining shares in Datacraft Asia, its Singapore-listed subsidiary, for USD 276m.
In its press statement Dimension Data said that it intends to acquire the remaining 44.9% of the Singapore-listed shares of its Asian subsidiary, Datacraft for USD 1.33 per share, a premium of 34% to Datacraft’s closing share price of USD 0.99 on Monday 21 July, and translating into a total purchase consideration of approximately USD 276m. The acquisition will be effected by way of a Scheme of Arrangement under Singapore law and is being financed with a combination of cash and equity issuance.
The acquisition must pass various regulatory and shareholder approvals prior to completion. Dimension Data anticipates this process will take several months to conclude.
