MADRID Nov 29 Spanish technology and defence
company Indra has made a takeover offer for information
technology company Tecnocom for 4.25 euros per share,
valuing it at around 305 million euros ($324 million), excluding
Indra's offer, which must be cleared by Spain's market
regulator, is at a 11.5 percent premium to Monday's closing
price. The deal will provide annual cost savings of more than 40
million euros, the company said.
It is the first major acquisition by Indra, whose business
ranges from defence to healthcare services, since it laid off
thousands of staff last year in an effort to make annual savings
of up to 200 million euros.
Analysts welcomed the deal, with broker Haitong saying
although the price did not look cheap, significant cost savings
and a good fit meant Indra shares were likely to rebound after
an initial dip once they opened for trade.
Share trading in both companies, which had been suspended
after the announcement, will resume at 1030 local time.
Indra will pay 60 percent of the offer in cash and 40
percent in its shares valued at 9.85 euros per share based on
the average closing price of the last five days.
Tecnocom shareholders holding some 52.7 percent of Indra's
capital have subscribed to the offer, Indra said.
($1 = 0.9425 euros)
(Reporting by Paul Day; Editing by Sonya Dowsett and Louise