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News 40

Logica accepts marriage proposal from Canada's CGI

LONDON (SHARECAST) - Another UK technology firm looks set to fall into the hands of foreign owners after business and technology services company Logica agreed to a takeover from Canadian peer CGI Group.

Though not as big a deal as the £7.1bn purchase of Cambridge based software outfit Autonomy last year by Hewlett-Packard, the 105p per share cash offer from CGI still values Logica at a chunky £1.7bn, and tops the £1.2bn price tag on financial software provider Misys, which is being acquired by Vista Equity Partners. More pertinently, perhaps, the valuation is some £638m higher than Logica's stock market capitalisation on the day before the bid was announced.

With its share price having fallen steadily since July of last year, when it was trading at just under 140p, Logica has often been cited as a likely bid target, especially after it issued a profit warning in December 2011.

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