Financial Services Industry
Industry: Email Alert RSS FeedSunGard Data offers [pounds sterling]65m for Sherwood International.
Financial News, July, 2003
The US disaster recovery services and software provider SunGard Data Systems has made an offer for Sherwood International, less than three months after the UK-based insurance software specialist said it was considering a management buy-out.Sherwood International shares closed up 9% at 139.5p after it reached agreement on a 140p-a-share recommended cash offer, valuing the company at [pounds sterling]65.1m ([euro]93m).
Citigroup Global Markets, acting on behalf of SunGard, bought 29% of the shares hours after the offer was made public. The offer represents a premium of about 10% to the closing price of 127.5p on Wednesday.
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