CSG bids $278m for Intec

Dylan Bushell-Embling
27/09/2010
News
Daily News

OSS vendor CSG Systems on Friday submitted a £236.7 million ($277.9m) bid for rival Intec, while Ericsson picked up Nortel's MSS business.

The boards of CSG and Intec said they had been negotiating since July to reach the £0.72 per share bid price, which represents a 44% premium on its share price two days before the talks started.

The UK-based Intec concentrates on BSS services for mobile providers, and numbers China Mobile, AT&T and Vodafone among its customers.

The Intec board has endorsed the takeover offer, but rumors have been circulating that a counterbid is on the way.

The speculation has lifted Intec's stock 31.9%, pushing its price 1.5 pence above the takeover offer.

But the companies said the deal already has the backing of Intec's 11.9% shareholder General Atlantic, which has agreed to vote in favor of the scheme.

“We believe that both Intec’s... solutions aimed at fixed mobile and next generation networks and CSG’s customer interaction management suite will be attractive to one another's customer base as well as service providers worldwide,” CSG CEO Peter Kaplan said.

He says the two companies product offerings are complementary, with little overlap between clients or infrastructure as well.

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