TransWorks Information Services announces success of bid to acquire Minacs Worldwide
19th August, 2006
TransWorks Information Services Ltd. (TransWorks), an Aditya Birla Group company, announced the successful completion of its bid, through a wholly-owned subsidiary, AV TransWorks Ltd., for Minacs Worldwide Inc. (Minacs). Approximately 20,851,660 common shares of Minacs, representing approximately 91.08 per cent of the common shares on a fully diluted basis, were tendered to the offer.
Upon taking up the common shares tendered to the offer, TransWorks will indirectly own approximately 91.91 per cent of the issued and outstanding common shares.
TransWorks has instructed the depository for the offer, Computershare Investor Services Inc., to take up all of the common shares deposited to the offer. Payment to the shareholders who deposited their shares will be made by the depository as soon as reasonably practicable.
"This is an important day for TransWorks and Minacs," said Dev Bhattacharya, Group Executive President, Aditya Birla Group. "TransWorks looks forward to the great opportunities that exist for the integration of the businesses of TransWorks and Minacs and is eager to work with management and employees to build upon Minacs' strong customer relationships and outstanding growth opportunities."
Since more than 90 per cent of the common shares have been deposited to the offer, TransWorks intends to exercise its right to acquire the remaining outstanding common shares of Minacs pursuant to a compulsory acquisition under the Business Corporations Act (Ontario). TransWorks expects to complete that compulsory acquisition as soon as reasonably practicable.
TransWorks expects the shares to be de-listed from the Toronto Stock Exchange upon completion of the compulsory acquisition.
TransWorks is one of India's leading BPOs delivering superior outsourced solutions to Global 1000 financial services, technology, retail and e-services companies through its unique blend of specialised knowledge and process expertise. A wholly owned subsidiary of Aditya Birla Nuvo (part of the Aditya Birla Group), TransWorks currently employs over 4,200 employees. TransWorks adheres to the highest standards of quality, data security and confidentiality of client information and is certified to the COPC-2000 (Release 3.4), ISO 9001:2000 and BS7799 standards.
For more information, please visit www.transworks.com.
About Aditya Birla Group
The Aditya Birla Group is a global conglomerate and one of India's largest business houses. Operating in India for over five decades and globally for nearly 30 years, the Aditya Birla Group has a turnover in excess of US$ 8.3 billion. The Group has 82,000 employees of 20 different nationalities and operations on four continents. Nearly 25 per cent of its revenues come from its global operations. The Group has two joint venture companies in Canada, the Atholville Pulp Mill and the Nackawic Pulp Mill in New Brunswick. In India, the Group has a JV in financial services with Sun Life of Canada and a JV in aluminium business with Alcan. For more information, please visit www.adityabirla.com.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
Certain information in this release is forward-looking information, which reflects the management's expectations regarding the corporation's future growth, results of operations, performance and business prospects and opportunities. In this release, the words "will", "intend" and "expect" and similar expressions, as they relate to the corporation, are often, but not always, used to identify forward looking information. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether or not or the times at, or by which, such performance or results will be achieved. In particular, this release contains forward-looking information pertaining to the completion of the proposed take-over bid and the general business strategies and plans of management.
A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information contained in this release is based upon what management of the corporation believes are reasonable assumptions, the corporation cannot assure that actual results will be consistent with this forward-looking information. If the assumptions underlying forward looking information prove incorrect or if more of the risks or uncertainties materialise, actual results may vary materially from those described in this release as intended, planned, anticipated, believed, estimated or expected. This forward-looking information is made as of the date of this release, and the corporation assumes no obligation to update or revise it to reflect new events or circumstances.