Outsourcing company Xchanging Plc said it did not expect a superior cash offer from Ebix Inc and urged shareholders to accept a bid from U.S.-based Computer Sciences Corp.
Insurance software company Ebix had in November made a 450 million pound ($653.9 million) takeover approach for Xchanging, which offers services ranging from back-office invoice processing to insurance claims settlement.
Xchanging agreed to be bought by Computer Sciences Corp in December for about 480 million pounds.
Ebix has not confirmed that it will be able to make a superior offer or provided evidence that it would be able to finance such an offer, Xchanging said.
The company has been pursued by four suitors in the last year, including Computer Sciences Corp, larger rival Capita Plc, Ebix and U.S.-based private equity investor Apollo Global Management LLC.
($1 = 0.6882 pound) (Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)
- Computer Sciences Corp Wins Bidding War for Xchanging for $721 Million
- UK’s Xchanging Receives Takeover Offer from Software Maker Ebix for $684M
- UK’s Xchanging Receives Takeover Bid from Computer Sciences Corp. for $640M