Assystem acquisition of SQS clears another hurdle

The AIM-traded firm and Assystem Services had initially announced 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 on 15 December.

As at 16 January, Assystem had received valid acceptances of the stock option proposals in respect of 1,571,510 outstanding SQS stock options representing, in aggregate, 97.1% of all outstanding options, SQS confirmed.

As the total number of outstanding SQS stock options represented, in aggregate, less than 5% of the nominal capital of the SQS shares and of the voting rights normally exercisable at a general meeting of SQS, Assystem could confirm that the condition relating to the stock option proposals had been satisfied.

“Further to the announcement on 16 January of the satisfaction of the anti-trust condition and this announcement, [Assystem] is pleased to announce that the only remaining substantive condition to be satisfied is the acceptance condition set out in paragraph 1.1.1 of Part A of Appendix II to the Offer Document,” the two companies said in Thursday’s statement.

“[Assystem] encourages SQS shareholders who have not yet accepted the offer to do so as soon as possible and, in any event, by 1300 GMT on 22 January.”