Possible Merger with CMG PLC
October 08 2002 - 3:01AM
UK Regulatory
RNS Number:1861C
Logica Plc
08 October 2002
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN
OR THE UNITED STATES
October 8, 2002
LOGICA PLC
POSSIBLE MERGER WITH CMG PLC
The Board of Logica plc ("Logica") notes today's press speculation regarding a
possible merger of Logica and CMG plc ("CMG").
The Board of Logica confirms that discussions, which are at an early stage, are
taking place between Logica and CMG regarding the commercial merits of a merger.
In addition to offering scope for significant operating cost savings across the
combined businesses, a merger would create one of Europe's largest quoted IT
services businesses and a leading company in mobile messaging software. A
transaction would be structured as an all-share merger and would result in
Logica shareholders owning 60 per cent. and CMG shareholders owning 40 per
cent., respectively, of the combined entity. It is envisaged that Cor
Stutterheim (Executive Chairman, CMG) would be the Non-Executive Chairman and
Martin Read (Managing Director & Chief Executive, Logica) would be the Chief
Executive Officer of the combined entity.
Logica confirms that a merger is subject to due diligence and will only be
pursued if each Board is convinced that a transaction is in the best interests
of its stakeholders.
Shareholders will be kept informed of developments and a further announcement
will be made in due course. No further announcement is expected for several
weeks.
Enquiries:
THE MAITLAND CONSULTANCY Telephone: 020 7379 5151
Colin Browne/Angus Maitland
LOGICA PLC Telephone: 020 7446 1786
Will Cameron 07771 815 414
This information is provided by RNS
The company news service from the London Stock Exchange
END
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