LONDON (ShareCast) - Defence firm BAE Systems (LSE: AP16.L) has acquired business and technology consultant Detica for approximately £531m.
The offer will be 440p per share in cash and represents a 57% premium to the closing price of 281p on 12 July 2008, the last business day prior to Detica's announcement that it had received an approach.
In addition, Detica shareholders will be entitled to receive the proposed final dividend of 2.5p per share for the year to March 2008.
Detica directors intend to unanimously recommend the offer.
"As a board we believe that the prospects for the further development of the business under the ownership of BAE Systems will be attractive for our customers and employees," said Detica chief executive Tom Black. "Backed by BAE Systems' strong balance sheet, we expect to be able to generate continued growth in our core business and gain further critical mass in newer markets such as the US," he added.
Source:http://uk.biz.yahoo.com/080728/214/i3wn8.html
