Assystem bid for SQS Software Quality goes unconditional

SQS Software Quality confirmed on Tuesday that the offer made for it by Assystem Services Deutschland has been declared unconditional in all respects.

The AIM-traded firm had announced on 15 December last year, alongside Assystem, that they had reached agreement on the terms of a recommended all-cash offer for the entire issued and to-be-issued share capital of SQS.

As at 1300 GMT on Monday, being the first closing date, Assystem had received valid acceptances in respect of a total of 25,644,181 SQS shares, representing approximately 79.07% of the SQS shares, SQS confirmed in its announcement on Tuesday.

On the basis of previous announcements and of the level of acceptances received as of Tuesday, SQS said Assystem could now announce that the acceptance condition to the offer had been satisfied, and that the offer had now become unconditional as to acceptances.

Assystem also confirmed that all the conditions to the offer set out in the offer document had now been satisfied or waived, and as a result, Assystem could also announce that the offer had now become unconditional in all respects.

Assystem also announced that the offer would remain open for acceptance until further notice, and confirmed at least 14 days notice would be given if it decided to close the Offer.

“SQS shareholders who have not accepted the offer are encouraged to do so as soon as possible,” the SQS board said in the announcement.