Possible Merger
October 08 2002 - 3:01AM
UK Regulatory
RNS Number:1862C
CMG PLC
08 October 2002
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN
OR THE UNITED STATES
8th October, 2002
CMG: Possible Merger with Logica
The Board of CMG plc ("CMG") notes today's press speculation regarding a
possible merger of CMG and Logica plc ("Logica").
The Board of CMG confirms that discussions, which are at an early stage, are
taking place between CMG and Logica regarding the commercial merits of a merger.
In addition to offering scope for significant operating cost savings across the
combined businesses, the transaction could 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 CMG
shareholders owning 40 per cent., and Logica shareholders owning 60 per cent.,
of the ordinary shares 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.
CMG 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 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
CMG Telephone: +44 207 592 4626
Tony Richards, Head of Investor Relations
Citigate Dewe Rogerson Telephone: +44 207 638 9571
Toby Mountford
This information is provided by RNS
The company news service from the London Stock Exchange
END
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