Intec Agrees to Cash Offer from CSG Systems
Higher counter-bid to be expected and shares were trading above the bid on Friday.
Billing software company Intec Telecom Systems Friday agreed to a 72 pence a share takeover by CSG Systems, although analysts haven't ruled out a counterbid at a higher price. The deal would create a global BSS leader with more than 3500 employees. CSG's offer, which values the company at about GBP 237 million, is at a 30 percent premium to its closing share price on July 23 - the day before the company entered into an offer period - and a 26 percent premium to the average closing price of Intec's shares in the three months before offer talks began. Analysts still speculate that a higher bid can be made and the shares were trading above the offer price on Friday. Yet while they agree that a counterbid can't be ruled out, they said it is worth nothing that Intec has been "on sale" for some time and no other offers have emerged.
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