CSC Extends Mynd Bid a Fifth Time; Awaits Review

November 27, 2000

Computer Sciences Corp. announced its fifth extension of a $16 per share cash offer for insurance software company Mynd Corp. to Dec. 29 as it awaits U.S. regulatory review of the $566 million deal. CSC, the world’s third largest computer services provider, first unveiled its acquisition plan in June after EDS dropped its bid for Mynd.

CSC said the Federal Trade Commission was continuing to review information it had requested from the companies under antitrust rules.

While the review goes on, Computer Sciences has been extending the offer at 30-day intervals. Mynd, formerly known as Policy Management Systems Corp., had 1999 revenues of $644 million compared to $9.37 billion for Computer Sciences in the fiscal year ended March 31.

The June merger agreement came just five months after CSC filed suit against Policy Management, accusing the company of unfair competition and theft of trade secrets in the development of an insurance product. Policy Management then countersued CSC, alleging defamation, trade disparagement and unfair trade practices. In August, the financially struggling Mynd cut 300 jobs.

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