Mumbai, March 15: ICICI Infotech Inc., the US subsidiary of ICICI Infotech Services Ltd., the information technology subsidiary of ICICI Ltd. has announced the successful completion of its $5.00 per share cash tender offer for all outstanding shares of common stock of Command Systems, Inc. by ICICI Acquisition Corporation, a wholly-owned subsidiary of ICICI Infotech Inc.The tender offer expired at 12:00 midnight on Tuesday, March 13, 2001, at which time approximately 7,434,789 shares, or 97.064 per cent, of Command Systems' outstanding shares had been tendered, including guaranteed deliveries.
ICICI Acquisition Corporation has accepted for payment all the shares of Command Systems' common stock tendered. Payment for the shares tendered will be made promptly through EquiServe Trust Company, NA, the depositary for the tender offer. After payment for the deposited shares, ICICI Acquisition Corporation will own approximately 97.064 per cent of the total issued and outstanding shares of Command Systems.
Pursuant to the terms of the Agreement and Plan of Merger among Command Systems, ICICI Infotech and ICICI Acquisition Corporation, ICICI Acquisition Corporation will merge with and into Command Systems. After the merger, the remaining shareholders of Command Systems will receive cash in the same amount as paid in the tender offer, and Command Systems will become a wholly-owned subsidiary of ICICI Infotech.
(PTI)
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
