Ordina heads for best day ever on Sopra Steria's buyout offer

Sopra Steria SA

21/03/2023 08:48

** Shares in Amsterdam-listed IT company Ordina  ORDN.AS 
jump about 23.6%, heading for their best day ever, after a
conditional takeover agreement with France's Sopra Steria
 SOPR.PA , which edges down 2.3%
    ** Ordina's shares rise to about EUR 5.90 euros, slightly
above the EUR 5.75 ex-dividend offered by Sopra Steria, which
values the Dutch company at about EUR 518 mln ($555 mln)
    ** ING says "this is a generous bid with a nice premium
above the share price pre-announcement of the take-over
interest," 
    ** Last week, Ordina said it was in discussions with several
parties on a potential public offer on the basis of non-binding
proposals it had received, without specifying the bidders
    ** ING says the bid is highly likely to be successful and
expects no issues with competition authorities
    ** "Is there room for a competitive bid? In our view this is
not that likely...," ING adds, pointing to the "generous" offer 
    ** The deal, expected to close in H2, would result in a new
operation in the Benelux region, combining Sopra Steria's
existing business there, its recent acquisition of Tobania, and
Ordina
    ** Ordina's stock touches highest price in 14.5 years
    
($1 = 0.9336 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))